Bitcoin Sentiment in Venezuela Negative, BTC Post Double Digit Losses

Bitcoin (BTC) Price Dives $500 But Holding Key Support


  • Bitcoin value climbed to $8,950, however did not proceed increased towards the US Greenback.
  • The worth is down round $500, however it’s holding the important thing $8,400 and $8,350 helps.
  • There’s a main bullish pattern line forming with assist close to $8,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The worth might take a look at the $8,350 assist and it’s more likely to recuperate within the close to time period.

Bitcoin value is buying and selling with swing strikes beneath $9,000 towards the US Greenback. BTC declined sharply from $8,950, however it’s now approaching a few necessary helps.

Bitcoin Value Evaluation

Lately, there was a pointy rise in bitcoin above the $8,600 and $8,650 resistance ranges towards the US Greenback. Furthermore, the worth spiked above the $8,800 resistance space and remained properly above the 100 hourly easy shifting common. The worth traded near the $8,950 degree and shaped a brand new weekly excessive at $8,934. Nonetheless, the worth struggled to proceed increased and there was a pointy decline beneath $8,800.

Moreover, the worth broke the 61.8% Fib retracement degree of the latest rally from the $8,457 low to $8,934 excessive. There’s a massive purple candle forming on the hourly chart with physique beneath $8,600. The worth even traded beneath the final swing low at $8,457. Nonetheless, the $8,400 assist space is performing as a good assist. Extra importantly, there’s a main bullish pattern line forming with assist close to $8,400 on the hourly chart of the BTC/USD pair.

The following key assist is close to the $8,350 degree (the earlier resistance space). It represents the 1.236 Fib extension degree of the latest rally from the $8,457 low to $8,934 excessive. The principle assist is close to the $8,315 degree because it coincides with the 100 hourly SMA. Due to this fact, an in depth beneath the $8,000 assist may push the worth again right into a bearish zone.

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On the upside, an preliminary resistance is close to the $8,550 degree, adopted by $8,600. The principle resistances are close to the $8,660 and $8,800 ranges. It looks like the worth may commerce in a variety above the $8,300 assist space earlier than it might begin a recent improve.

Trying on the chart, bitcoin is displaying a whole lot of bearish indicators from the $8,934 swing excessive. It looks like it was rejected near $9,000. It’s at present approaching the $8,350 and $8,300 assist ranges, the place the bulls are more likely to take a stand.

Technical indicators:

Hourly MACD – The MACD is at present gaining power within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is down sharply and is beneath the 50 degree.

Main Assist Ranges – $8,350 adopted by $8,300.

Main Resistance Ranges – $8,550, $8,660 and $8,800.



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