THELOGICALINDIAN - Bitcoin amount is assuming bearish signs beneath 8000 adjoin the US Dollar BTC could extend its abatement beneath the 7800 abutment breadth in the abreast term
Bitcoin Price Weekly Analysis (BTC)
In the accomplished few days, BTC followed a bearish aisle beneath the $8,400 and $8,250 levels adjoin the US Dollar. The BTC/USD brace alike acclimatized beneath the $8,200 abutment and the 100 simple affective boilerplate (4-hours). Finally, there was a breach beneath the $8,000 abutment and a new account low was formed abreast $7,822. The amount is currently accumulation losses and is trading beneath the $8,000 support.
An actual attrition is abreast the $8,000 akin or the 23.6% Fib retracement akin of the contempo abatement from the $8,475 beat aerial to $7,822 low. On the upside, there are abounding hurdles abreast the $8,100 and $8,200 levels. Moreover, there is a above bearish trend band basic with attrition abreast $8,100 on the 4-hours blueprint of the BTC/USD pair.
Besides, the 50% Fib retracement akin of the contempo abatement from the $8,475 beat aerial to $7,822 low is additionally abreast the $8,150 level. Finally, 100 simple affective boilerplate (4-hours) is positioned abreast the $8,200 level. Therefore, bitcoin amount charge beat the $8,100 and $8,200 attrition levels to alpha a appropriate recovery. Additionally, a abutting aloft the $8,200 barrier and the 100 SMA is bare for added upsides.
On the downside, the key abutment is abreast the $7,800 level. If there is a downside breach beneath the $7,800 support, the amount could abide to abatement in the abreast term. The next above support is abreast the $7,500 level, beneath which there is a accident of added losses appear $7,200.
Looking at the chart, bitcoin amount is acutely trading in a bearish breadth beneath the $8,000 axis akin and the $8,200 resistance. Therefore, a acceptable breach aloft $8,000 and a chase through aloft $8,200 is appropriate for a able recovery. If not, the amount is acceptable to analysis the $7,500 abutment area.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective aback into the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently convalescent and it could breach the 40 level.
Major Support Level – $7,800
Major Resistance Level – $8,200
