Bitcoin Price Technical Analysis – BTC/USD Breakdown is Real

Bitcoin Price Technical Analysis – BTC/USD Breakdown is Real

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CurrencyTimes: Bitcoin cost is exchanging a bearish zone underneath the $9,400 bolster level against the US Dollar.There was a break beneath two noteworthy bullish pattern lines with help at $10,000 on the 4-hour graph of the BTC/USD combine (information sustain from Kraken).The match is exchanging lower and it might maybe break the last swing low of $8,410 for more misfortunes.

Bitcoin cost is at present under strain beneath $9,400 against the US Dollar. BTC/USD stays at a danger of more decays towards the $8,000 level.

BITCOIN PRICE IS DROPPING

It was a noteworthy bearish week since bitcoin cost declined by over 25% against the US Dollar. The cost exchanged lower and broke two or three vital help levels, for example, $10,000 and $9,400. The present decay has opened the entryways for more misfortunes and it appears like the cost may even test the $8,000 level. All the more significantly, amid the drawback, there was a break underneath two noteworthy bullish pattern lines with help at $10,000 on the 4-hours outline of the BTC/USD match.

The combine is presently exchanging admirably underneath the $9,400 and the 100 straightforward moving normal (4-hours). The current low was framed at $8,413 from where an upside move was started. BTC cost exchanged over the 23.6% Fib retracement level of the last decay from the $11,670 high to $8,413 low. Be that as it may, the upside move was secured by the $9,400-9,500 levels. The expressed $9,400 level was a help before and now it is going about as a hindrance for more picks up. The combine continued its downtrend and it might soon retest the $8,400 level.

“If the current pressure remains intact, there could be more losses toward $8,000. Below $8,000, the price may test $7,600”

Taking a gander at the specialized pointers:

4-hours MACD – The MACD for BTC/USD is for the most part in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is at present well underneath the 40 level.

Real Support Level – $8,000

Real Resistance Level – $9,400

 

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About Loren Smith

Loren has an MA in Science journalism and has worked for the BBC for the past 18 months, She has an honors degree in Anatomical and Physiological sciences and a passion for news media and had articles published in New Scientist

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