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These Surprising Factors Suggest Bitcoin Could Dive Further Towards $8K

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These Surprising Factors Suggest Bitcoin Could Dive Further Towards $8K

Bitcoin didn’t get better above the $9,500 resistance and declined sharply towards the US Dollar. BTC worth is now buying and selling beneath key helps, suggesting extra downsides in direction of $8,200 or $8,000.

Bitcoin is down greater than 4% and it’s now buying and selling effectively beneath the $9,000 degree.
The worth traded as little as $8,642 and it’s at the moment effectively beneath the 100 hourly easy transferring common.
There was a break beneath a key bullish pattern line with help at $9,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair is prone to proceed decrease in direction of $8,200 and $8,000 within the coming days.

Bitcoin Dives 4%
Bitcoin worth didn’t get better above $9,400 and $9,500 towards the US Dollar. As a consequence, BTC worth began a nasty decline and broke many key helps close to $9,200 and $9,000 (as mentioned within the weekly evaluation).
The current decline was initiated after there was a break beneath a key bullish pattern line with help at $9,200 on the hourly chart of the BTC/USD pair. The pair even broke the final swing low close to the $8,800 help.
Bitcoin Price
A brand new weekly low is fashioned close to $8,642 and the worth is at the moment correcting increased. An preliminary resistance is close to the $8,800 degree. It is near the 23.6% Fib retracement degree of the current decline from the $9,298 excessive to $8,642 low.
The first main resistance is close to the $9,000 degree (the current breakdown zone). It can also be close to the 50% Fib retracement degree of the current decline from the $9,298 excessive to $8,642 low.
The major resistance is close to the $9,150 degree and the 100 hourly easy transferring common. To transfer right into a constructive zone, the worth should get better above the $9,000 degree and achieve bullish momentum above the $9,150 pivot degree.
More Downsides in BTC?
The present worth motion means that bitcoin worth would possibly wrestle to proceed increased above $9,150. On the draw back, the primary help is close to the $8,600 degree, which is near the declining channel decrease pattern line as mentioned in yesterday’s weekly forecast.
If there’s a break beneath the $8,642 low and the $8,600 help, there are probabilities of extra losses. The subsequent key helps are close to $8,380, $8,200 and eventually $8,000.
Technical indicators:
Hourly MACD – The MACD is at the moment displaying a whole lot of bearish indicators.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now effectively beneath the 40 degree.
Major Support Levels – $8,600 adopted by $8,380.
Major Resistance Levels – $9,000, $9,150 and $9,200.

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