THELOGICALINDIAN - Bitcoin amount is accepting bearish drive beneath 8000 adjoin the US Dollar More chiefly there is now actual beneath affairs of BTC convalescent aloft 8250 afore testing 7400
Bitcoin Price Analysis
In morning, we discussed the affairs of a breakdown in bitcoin beneath the $8,000 abutment breadth adjoin the US Dollar. BTC fabricated an attack actual aloft the $8,150 resistance, but it bootless to accretion absorption and remained able-bodied beneath the 100 alternate simple affective average.
As a result, there was addition bearish breach beneath the $8,050 support. Moreover, morning’s bearish banderole pattern was breached with abutment abreast $8,080 on the alternate blueprint of the BTC/USD pair.
Finally, the amount beneath beneath the $8,000 abutment and the aftermost beat low. A new account low was formed abreast $7,828 and the amount is currently acclimation higher.
An actual attrition for bitcoin is abreast the $7,920 level. It represents the 23.6% Fib retracement akin of the contempo abatement from the $8,221 aerial to $7,828 low. The aboriginal key attrition on the upside is abreast the $8,000 akin (the contempo breakdown support).
Additionally, the 50% Fib retracement akin of the contempo abatement from the $8,221 aerial to $7,828 low is abreast the $8,020 akin to anticipate gains. Lastly, there is a new abutting bearish trend band basic with attrition abreast $8,020 on the aforementioned chart.
Therefore, the amount is acceptable to face a able attrition if it corrects college appear $8,000 and $8,020. A acceptable breach aloft the $8,020 attrition may conceivably lift the amount appear the $8,200 resistance.
On the downside, it seems like the gates for a analysis of the $7,400 abutment is now accessible (the abutting bearish ambition as discussed in the contempo average appellation outlook).
Bitcoin PriceLooking at the chart, bitcoin amount is acutely accepting bearish drive beneath the $8,000 abutment area. There are aerial affairs of added losses appear the $7,400 abutment unless the amount rallies aloft $8,020 and $8,200 in the abreast term.
Technical indicators:
Hourly MACD – The MACD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently convalescent from the oversold levels.
Major Support Levels – $7,640 followed by $7,400.
Major Resistance Levels – $8,000, $8,020 and $8,200.
