Monday, December 9, 2019

Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K

NewsBTC
NewsBTChttp://www.newsbtc.com
NewsBTC takes pride in claiming to have some of the best minds in the cryptocurrency industry onboard, who are instrumental in offering quality content to the masses under the NewsBTC Media Group banner.

  • Bitcoin price is declining and it is now trading below the $8,800 level against the US Dollar.
  • The price is trading with a bearish angle and it is likely to tumble below $8,600 and $8,500.
  • Today’s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A clear break below $8,600 is likely to push the price below $8,500 and $8,450.

Bitcoin price is setting up for another dive below $8,600 against the US Dollar. BTC could even struggle to hold $8,500, considering the current bearish formation.

Bitcoin Price Analysis

In morning, we discussed the chances of more losses and sell opportunities for bitcoin below $9,000 against the US Dollar. BTC remained in a bearish zone and it failed to break the $8,850 resistance area.

Additionally, the price is now trading well below the $8,800 and the 100 hourly simple moving average. It seems like the price failed to capitalize above the 23.6% Fib retracement level of the last drop from the $9,150 high to $8,610 low.

More importantly, the price was rejected near the 50% Fib retracement level of the last drop from the $9,150 high to $8,610 low. Bitcoin is now trading below the $8,750 level and is following a bearish path.

Recently, there was a break below a contracting triangle with support near $8,730 on the hourly chart of the BTC/USD pair. Therefore, there is a risk of more downsides below the $8,650 and $8,600 levels.

In the mentioned bearish case, there is a risk of a sharp breakdown even below the $8,500 support. On the upside, an initial resistance for the bulls is near the $8,820 level and the 100 hourly SMA.

However, the main resistance is near the $8,850 and $8,950 levels. Besides, today’s key bearish trend line is active with resistance near $8,960 on the hourly chart of the BTC/USD pair.

If there is a nice upward move above the $8,850 and $8,950 resistance levels, the price may perhaps start a fresh increase towards $9,200 and $9,500 in the coming days.

Bitcoin Price

Looking at the chart, bitcoin is clearly sliding and is trading well below the $8,850 resistance area. Thus, the bears remain in control and any recovery is likely to face resistance near $8,820, $8,850 and $8,950. On the downside, the bulls might be keeping a close eye on the $8,500 zone.

Technical indicators:

Hourly MACD – The MACD is currently gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and is trading below the 40 level.

Major Support Levels – $8,600 followed by $8,500.

Major Resistance Levels – $8,820, $8,850 and $8,950.

The post Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K appeared first on NewsBTC.

Analysis: Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K published by NewsBTC

- Advertisement -
- Advertisement -

Latest News

 OKEx To Launch Options Trading

 First crypto exchange to offer C2C, spot, futures, perpetual swap, and options trading under the same roof VALLETTA, Malta--(BUSINESS WIRE)--#Crypto--OKEx,...

Bitcoin (BTC) Target Fresh Monthly High or Even $8K

Bitcoin price is showing positive signs above the $7,400 resistance area against the US Dollar. The price is likely to clear the $7,560 and $7,600...

Bitcoin And Crypto Market Rising: BCH, Litecoin, EOS, XLM Analysis

The total crypto market cap is slowly rising and it is currently near the $200.0B resistance. Bitcoin price is up close to 2% and it...

Ripple (XRP) Price Poised For Further Gains, Bitcoin Rising

Ripple price is gaining momentum and it is rising above $0.2250 against the US dollar. The price is likely to continue higher above the $0.2320...

Ethereum (ETH) Bulls Eye Crucial Bullish Break

Ethereum is approaching the main $152 and $155 resistance levels against the US Dollar. The price is likely to rally significantly once there is a...