Key Points
- Bitcoin price failed to hold the $8,240 support and declined sharply against the US Dollar.
- There is a major bearish trend line formed with resistance at $8,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may well correct higher in the short term towards the $8,100 and $8,160 resistance levels.
Bitcoin price broke key supports near $8,200 against the US Dollar. BTC/USD may continue to face selling interest near $8,100 and $8,200.
Bitcoin Price Analysis
Yesterday, we discussed about a major support near $8,240 in bitcoin price against the US Dollar. The BTC/USD pair failed to hold the stated $8,240 support and even broke the 100 hourly simple moving average. It opened the doors for more losses and the price broke the $8,160 support level. Sellers took control and pushed the price below the $8,000 handle. A low was formed below $7,900 at $7,860 where buyers defended further losses.
At the moment, the price is consolidating above $7,850. An initial resistance is near the 38.2% Fib retracement level of the last drop from the $8,253 high to $7,860 low. Above this, there is a major bearish trend line formed with resistance at $8,100 on the hourly chart of the BTC/USD pair. More importantly, the 50% Fib retracement level of the last drop from the $8,253 high to $7,860 low is at $8,057. Therefore, if the price moves above $8,000, there are many hurdles near $8,100, waiting to cap upsides.
Source
Plagiarism is the copying & pasting of others work without giving credit to the original author or artist. Plagiarized posts are considered spam.
Spam is discouraged by the community, and may result in action from the cheetah bot.
More information and tips on sharing content.
If you believe this comment is in error, please contact us in #disputes on Discord
Warning! This user is on my black list, likely as a known plagiarist, spammer or ID thief. Please be cautious with this post!
To get off this list, please chat with us in the #steemitabuse-appeals channel in steem.chat.