Bitcoin (BTC) Price Hesitates But Further Downsides Seem Likely
technical analysis

Bitcoin (BTC) Price Hesitates But Further Downsides Seem Likely

THELOGICALINDIAN - Bitcoin amount is accumulation losses with antidotal moves adjoin the US Dollar However BTC charcoal advertise on rallies if it climbs appear 8220 and 8280

Bitcoin Price Analysis

After a awful decline, bitcoin found abutment abreast the $8,000 level adjoin the US Dollar. BTC traded as low as $7,990 and it is currently accumulation losses able-bodied beneath the 100 alternate simple affective average.

There was a antidotal beachcomber aloft the $8,080 and $8,100 levels. Moreover, the amount acicular aloft the $8,150 attrition level. Though, the amount struggled to break aloft the 23.6% Fib retracement akin of the bottomward move from the $8,630 aerial to $7,990 low.

At the outset, the amount is trading abreast $8,100, with an actual attrition abreast the $8,150 level. Additionally, the abutting key attrition is abreast the $8,200 and $8,220 levels, aloft which bitcoin could analysis the $8,300 attrition area.

An boilerplate attrition is abreast the $8,280 akin and the 100 alternate simple affective average. To move into a absolute zone, the amount charge achieve aloft the $8,300 attrition and the 100 alternate SMA.

Besides, the 50% Fib retracement akin of the bottomward move from the $8,630 aerial to $7,990 low is additionally abreast the $8,310 akin to act as a resistance.

Conversely, the amount could attempt to ascend aloft the $8,150 and $8,220 attrition levels. On the downside, an antecedent abutment is abreast the $8,060 level. More importantly, there is a key ascent approach or a bearish banderole arrangement basic with abutment abreast $8,060 on the alternate blueprint of the BTC/USD pair.

Therefore, a downside breach beneath the approach abutment abreast $8,060 will best acceptable advance the amount added lower. Finally, a bearish breach beneath the $8,000 abutment breadth could accessible the doors for a bead appear the $7,400 abutment breadth (the abutting bearish ambition as discussed in the contempo medium appellation outlook).

Looking at the chart, bitcoin amount is acceptable basic anther breakdown arrangement with abutment abreast $8,060 and $8,000. On the added hand, the beasts charge to accretion drive aloft $8,220 and $8,300 to abate the accepted bearish view.

Technical indicators:

Hourly MACD – The MACD is disturbing to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently collapsed beneath the 50 level.

Major Support Levels – $8,060 followed by $8,000.

Major Resistance Levels – $8,150, $8,220 and $8,300.