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Bitcoin Price Analysis: BTC Recovery Could Face Hurdles Near $8,400

Summary:
Bitcoin price declined heavily and broke the ,000 support against the US Dollar.The price traded as low as ,636 and it is currently correcting higher.There are two key bearish trend lines forming with resistance near ,840 and ,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could correct higher, but it is likely to face a lot of hurdles near ,400.Bitcoin price is trading in a bearish zone below ,400 against the US Dollar. BTC is likely to correct higher, but upsides are likely to remain capped near ,200 and ,400.Bitcoin Price AnalysisIn the past few days, there were steady downsides in bitcoin price below the ,400 support against the US Dollar. BTC even declined below the ,200 support and settled well below the 55 simple moving average

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  • Bitcoin price declined heavily and broke the $8,000 support against the US Dollar.
  • The price traded as low as $7,636 and it is currently correcting higher.
  • There are two key bearish trend lines forming with resistance near $8,840 and $9,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could correct higher, but it is likely to face a lot of hurdles near $8,400.

Bitcoin price is trading in a bearish zone below $8,400 against the US Dollar. BTC is likely to correct higher, but upsides are likely to remain capped near $8,200 and $8,400.

Bitcoin Price Analysis

In the past few days, there were steady downsides in bitcoin price below the $8,400 support against the US Dollar. BTC even declined below the $8,200 support and settled well below the 55 simple moving average (4-hours).

Finally, the price spiked below the $8,000 and $7,800 levels. It traded to a new monthly low at $7,636 and it is currently consolidating losses. An initial resistance on the upside is near the $8,000 level.

The 23.6% Fib retracement level of the recent decline from the $9,212 high to $7,636 low is also near the $8,008 level to act as a key hurdle. If the price manages to settle above the $8,000 resistance, it could correct further higher towards the $8,200 area.

The next major hurdle for the bulls is near the $8,400 area (the previous breakdown zone). It is also close to the 50% Fib retracement level of the recent decline from the $9,212 high to $7,636 low.

More importantly, there are two key bearish trend lines forming with resistance near $8,840 and $9,200 on the 4-hours chart of the BTC/USD pair. An intermediate resistance is near $8,610 level and the 55 simple moving average (4-hours).

Therefore, upsides are likely to remain capped in the coming sessions near $8,200 and $8,400. To move into a positive zone, the price must settle above $8,400 and then gain strength above the 55 simple moving average (4-hours).

Conversely, the price might fail to continue above the $8,200 and $8,400 resistance levels. In the mentioned case, it could resume its decline below $7,800 and $7,600.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading in a bearish zone below $8,400 and it remains at a risk of more losses below $7,800 if it fails to recover above $8,400.

Technical indicators

4 hours MACD – The MACD is slowly moving back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now recovering and it is just above the 30 level.

Key Support Levels – $7,800 and $7,600.

Key Resistance Levels – $8,000, $8,200 and $8,400.

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