Bitcoin (BTC) Price Poised for Declines Unless It Breaks $9K | NewsBTC

Bitcoin price is trading with a bearish angle below the $8,880 resistance against the US Dollar.The price is likely to continue lower below the $8,640 and $8,600 support levels.There is a short term breakout pattern forming with resistance near $8,740 on the hourly chart of the BTC/USD pair (data feed from Kraken).The bears remain in control unless the price climbs above $8,880 and $9,000.Bitcoin price is under a lot of pressure below $8,880 against the US Dollar. BTC could decline significantly if it breaks the $8,640 and $8,600 support levels.Bitcoin Price AnalysisYesterday, we saw a couple of bearish patterns for bitcoin below the $8,880 resistance against the US Dollar. BTC remained in a bearish zone below the $8,800 level and the 100 hourly simple moving average.The last rejection was near the $8,780 level and the 100 hourly SMA. A high was formed near $8,784 before the price declined below $8,700. Moreover, the price traded below $8,680 and it is currently testing the $8,640 support area.If there is an upside correction, the $8,710 level is an immediate resistance. Besides, the 50% Fib retracement level of the recent decline from the $8,784 high to $8,636 low is also near the $8,710 level.The main resistances on the upside are near the $8,740 and $8,750 levels. More importantly, there is a short term breakout pattern forming with resistance near $8,740 on the hourly chart of the BTC/USD pair.An intermediate resistance is near the $8,730 level. It represents the 61.8% Fib retracement level of the recent decline from the $8,784 high to $8,636 low. Therefore, bitcoin price might struggle to break the $8,730-$8,750 resistance area.Furthermore, BTC needs to climb above the key $8,800 and $8,880 resistance levels to move into a positive zone and start a decent recovery. The next resistance is near $9,000, followed by $9,250.Conversely, the price might continue to move down if it fails to climb above $8,780, $8,800 and $8,880. An initial support is near the $8,640 level. The next key support is near the $8,600 level, below which the price is likely to accelerate lower towards the $8,500 and $8,300 support area. Bitcoin PriceLooking at the chart, bitcoin is facing a lot of resistances on the upside, starting with $8,780 and up to $9,000. A successful daily close above $9,000 is needed for a fresh increase in the coming days.Technical indicators:Hourly MACD – The MACD is currently gaining momentum in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining and it is now well below the 50 level.Major Support Levels – $8,640 followed by $8,600.Major Resistance Levels – $8,780, $8,800 and $8,880.

Go to Source
Author: Aayush Jindal

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.