Bitcoin Price Weekly Analysis – Can BTC/USD Hold $8,000?

Key Factors

  • Bitcoin worth declined sharply after it failed to maneuver above the $9,500 resistance towards the US Greenback.
  • There’s a vital bearish development line forming with resistance at $eight,900 on the Four-hours chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair could rise within the quick time period, however it’s more likely to face resistances close to $eight,900 and $9,000.

Bitcoin worth is going through powerful limitations round $eight,900-$9,000 towards the US Greenback. BTC/USD should keep above $eight,200 and $eight,000 to keep away from any additional losses within the close to time period.

Bitcoin Price Help

This previous week, there was a pointy bearish response from the $9,500 pivot stage in bitcoin worth towards the US Greenback. The value declined sharply and moved under the $9,000 and $eight,500 assist ranges. The decline was such that the value traded in direction of the $eight,200 stage. It additionally broke a connecting bullish development line at $9,000. A low was shaped at $eight,226 earlier than patrons appeared. Later, the value began consolidating losses above $eight,200 and is presently steady.

It examined the 23.6% Fib retracement stage of the final decline from the $9,479 excessive to $eight,226 low. It looks as if the value is discovering it arduous to maneuver above the $eight,500 stage, which can also be a pivot stage. Above the $eight,500 stage, the 50% Fib retracement stage of the final decline from the $9,479 excessive to $eight,226 low is at $eight,850. There’s additionally a big bearish development line forming with resistance at $eight,900 on the Four-hours chart of the BTC/USD pair. Due to this fact, the value is more likely to face sellers close to the $eight,500 and $eight,900 ranges. As soon as there’s a correct shut above $eight,900 and $9,000, there may very well be extra features in direction of $9,500.

Wanting on the chart, the present worth motion is barely bearish under $eight,900. On the draw back, the $eight,200 stage is a good assist, adopted by $eight,000. If bitcoin fails to carry $eight,000, it may decline under $7,500.

Wanting on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is about to maneuver into the bullish zone.

Four-hours RSI (Relative Energy Index) – The RSI is presently properly under the 50 stage.

Main Help Degree – $eight,200

Main Resistance Degree – $eight,900

About Tom Greenly

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