Bitcoin Price (BTC) Downside Thrust Underway Before Fresh Rise @newsbtc #Analysis #Technical #bitcoin #btc

• Bitcoin price is currently declining after it failed to surpass the $8,400 resistance against the US Dollar.
• The price is trading near the $8,000 support level, with a minor bearish angle.
• There ...
  • Bitcoin price is currently declining after it failed to surpass the $8,400 resistance against the US Dollar.
  • The price is trading near the $8,000 support level, with a minor bearish angle.
  • There is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is at a risk of a downside break below the $8,000 support in the near term.

  Bitcoin price is struggling to hold the key $8,000 support against the US Dollar. BTC might dip towards the $7,800 support area before it could start a decent recovery.

  Bitcoin Price Analysis

  In the past two sessions, there were bearish moves in bitcoin below $8,300 against the US Dollar. The BTC/USD pair followed a bearish path and broke the $8,200 support area. Moreover, there was a close below the $8,200 level and the 100 hourly simple moving average. The last swing high was formed near $8,300 before the price broke $8,200 support.

  Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,659 low to $8,539 high. The recent decline was such that the price tested the $8,000 support area. More importantly, the price tested the 61.8% Fib retracement level of the upward move from the $7,659 low to $8,539 high. At the moment, the price is struggling to hold the $8,000 support area.

  It seems like there is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC/USD pair. Thus, if there is a downside break below the $8,000 support, the price could accelerate its decline towards the $7,800 support area. Besides, an intermediate support is near $7,850 or the 76.4% Fib retracement level of the upward move from the $7,659 low to $8,539 high.

  On the upside, there is a solid resistance forming near the $8,250 level and the 100 hourly SMA. Therefore, if there is an upside break above $8,250 and $8,300, the price could trade towards the main $8,500 resistance level in the near term.

  

  Looking at the chart, bitcoin is clearly struggling to climb above the $8,300 level. Therefore, there is a risk of a downside break below the $8,000 support. In the mentioned case, the price could test the $7,800 support or trade to a new monthly low before it starts a decent recovery towards $9,000.

  Technical indicators:

  Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

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

  Major Support Levels – $8,000 followed by $7,800.

  Major Resistance Levels – $8,250, $8,300 and $8,500.

  The post Bitcoin Price (BTC) Downside Thrust Underway Before Fresh Rise appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/bitcoin-price-btc-downside-thrust-underway-before-fresh-rise-5d96de010edc6e2328fa9974