THELOGICALINDIAN - Bitcoin amount is assuming bearish signs beneath 8000 adjoin the US Dollar BTC charcoal at a accident of an continued abatement appear the 7500 account target
Bitcoin Price Analysis
In the accomplished few days, there was a steady decline in bitcoin from the $8,500 attrition adjoin the US Dollar. The BTC/USD brace bankrupt abounding supports abreast $8,300 and $8,200 to access a bearish zone. Moreover, there was a abutting beneath the $8,200 akin and the 100 alternate simple affective average. Recently, the bears acquired absorption and they were acknowledged in blame the amount beneath the $8,000 abutment area.
A new account low was formed abreast $7,770 and the amount is currently accumulation losses. An actual attrition is abreast the $7,850 level. It coincides with the 23.6% Fib retracement akin of the contempo abatement from the $8,213 aerial to $7,770 low. On the upside, there are abounding important hurdles basic for bitcoin abreast the $8,000 and $8,050 levels. Besides, there is a acute crumbling approach basic with attrition abreast the $8,050 akin on the alternate blueprint of the BTC/USD pair.
An boilerplate attrition is abreast the $7,990 level. It represents the 50% Fib retracement akin of the contempo abatement from the $8,213 aerial to $7,770 low. Additionally, the approach attrition at $8,050 coincides with the 100 alternate simple affective average. Therefore, if there is an upside alteration appear the $8,000 and $8,050 levels, the amount could face strong affairs interest.
On the downside, an actual abutment is abreast the $7,770 low. If there is a downside breach beneath $7,770 and $7,750, the amount could advance losses. Besides. the capital ambition for the bears could be $7,500 (as discussed in the accomplished few analyses).
Looking at the chart, bitcoin is currently trading in a declivity beneath the $8,000 akin and the 100 alternate SMA. Therefore, it seems like the amount could extend its abatement beneath the $7,750 and $7,650 levels. On the upside, the beasts are acceptable to face sellers abreast $8,000 or $8,050.
Technical indicators:
Hourly MACD – The MACD is currently accepting drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 40 level.
Major Support Levels – $7,750 followed by $7,500.
Major Resistance Levels – $7,990, $8,000 and $8,050.
