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November 19, 2019
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BTC

Bitcoin (BTC) Price Accelerating Losses Below $8K, $7.5K Very Likely

  • Bitcoin worth corrected increased, nevertheless it confronted hurdles close to $eight,120 and $eight,140 towards the US Dollar.
  • The worth is declining once more and it may achieve momentum beneath the $eight,000 help.
  • There is a significant bearish development line forming with resistance close to $eight,240 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The worth is more likely to stay in a bearish zone until the bulls push it above $eight,120 and $eight,240.

Bitcoin worth is struggling to rebound above $eight,100 towards the US Dollar. Therefore, BTC is more likely to resume its decline beneath $eight,000 and $7,900 within the close to time period.

Bitcoin Price Analysis

Yesterday, there was a draw back extension in bitcoin beneath the $eight,000 help space towards the US Dollar. BTC worth traded to a brand new month-to-month low at $7,915 and settled beneath the 100 hourly easy transferring common. Recently, there was an upside correction above the $eight,000 degree. Moreover, the value recovered above the $eight,020 degree, plus the 23.6% Fib retracement degree of the final decline from the $eight,386 excessive to $7,915 low.

However, the upward transfer was capped by the $eight,100 and $eight,120 resistance ranges. Besides, the value failed to check the 50% Fib retracement degree of the final decline from the $eight,386 excessive to $7,915 low. As a end result, there was a recent decline beneath $eight,020. The worth is now accelerating declines beneath the $eight,000 degree. It even broke the final swing low at $7,915 and traded to a brand new month-to-month low close to $7,850.

It looks as if there was a sturdy bearish response beneath $eight,000. The subsequent key help is close to the $7,800 degree. If there are extra downsides, bitcoin worth may speed up losses in direction of the $7,600 and $7,500 ranges within the close to time period. An intermediate help is close to the $7,720 degree.

On the upside, the $eight,000 and $eight,020 ranges are more likely to act as hurdles for the bulls. The predominant resistance is close to the $eight,120 degree and the 100 hourly easy transferring common. Besides, there’s a main bearish development line forming with resistance close to $eight,240 on the hourly chart of the BTC/USD pair.

Looking on the chart, bitcoin is clearly below quite a lot of strain beneath $eight,120 and $eight,000. As lengthy as there isn’t a shut above $eight,120 and $eight,240, there are possibilities of extra downsides. The predominant goal for the bearish within the coming classes may very well be close to the $7,600 and $7,500 ranges.

Technical indicators:

Hourly MACD – The MACD is gaining momentum within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining sharply and is effectively beneath the 40 degree.

Major Support Levels – $7,800 adopted by $7,500.

Major Resistance Levels – $eight,020, $eight,120 and $eight,150.

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