Bitcoin Price Watch: BTC/USD Likely To Consolidate Below $8,200

Key Factors

  • Bitcoin value declined sharply and broke the $eight,060 assist stage in opposition to the US Greenback.
  • There’s a key bearish development line fashioned with resistance close to $eight,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is more likely to consolidate within the quick time period beneath the $eight,060 and $eight,200 resistances.

Bitcoin value trimmed its intraday positive aspects in opposition to the US Greenback. BTC/USD settled beneath $eight,000 and is at the moment buying and selling in a variety close to $7,900.

Bitcoin Price Evaluation

Yesterday, there was a begin of a downward transfer from the $eight,500 swing excessive in bitcoin value in opposition to the US Greenback. The BTC/USD pair declined and broke the $eight,300 and $eight,100 assist ranges. There was additionally an in depth beneath the $eight,060 assist stage and the 100 hourly easy transferring common. The worth even broke the $eight,000 assist and traded as little as $7,836.

In the intervening time, the value is buying and selling in a variety close to the $7,900 stage. An preliminary resistance is the 23.6% Fib retracement stage of the final decline from the $eight,500 excessive to $7,836 low. The following hurdle is close to the $7,060 resistance, which was a assist earlier. The acknowledged $7,060 resistance additionally coincides with the 100 hourly SMA. Above this, there’s a key bearish development line fashioned with resistance close to $eight,200 on the hourly chart of the BTC/USD pair. The development line is positioned close to the 50% Fib retracement stage of the final decline from the $eight,500 excessive to $7,836 low.

Trying on the chart, the value is at the moment holding the $7,850 stage. Ought to there be a break beneath this, the value may decline in the direction of the $7,650 assist space. Within the quick time period, there might be vary strikes between $7,700 and $eight,200.

Trying on the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to maneuver again within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI is at the moment flat close to the 30 stage.

Main Help Degree – $7,850

Main Resistance Degree – $eight,200

About Tom Greenly

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