The price of BTC is currently below some important resistances. It is currently around the level of $8,700 against its major rival, the US Dollar. There is also a major bearish trend line that is slowly forming with a resistance around $8,525.
The Price Analysis For BTC
For some time, Bitcoin has been struggling to clear the new resistance levels of $8,600 and $8,660. Despite all that, BTC declined for another time. Bitcoin, for another time, broke the support area of $8,500 and even spiked below the price of $8,400.
The price level of $8,375, however, acted as a very strong support. Following that, the price managed to recover above the price of $8,500. But, it was unable to settle above the price of $8,600 as well as the 100 hourly SMA. The next swing was then formed around the price of $8,629. The latest low is in the level of $8,419. The price is now consolidating above the support area of $8,420.
Key Resistance Levels
There are several key resistances that are in the region of $8,600. The most immediate resistance is expected around the level of $8,520. This price will coincide with the 50% 23.6% Fib retracement level of the recent price decline. The price had earlier declined from the high of $8,629 to the low of $8,419. The 100-hourly Simple Moving Average is also around the level of $8,520.
A major bearish trend has also been seen forming with resistance around $8,525. This is on the chart of Bitcoin and US Dollar pair. The price conversely failed to correct higher than the price of $8,600 and $8,525. From the look of things, there might be more declines in the price. An initial support is expected around the area of $8,420. The next major support for the price will be in the level of $8,375. Below this level, the price is supposed to test a new support area of $8,200.
Report From The Charts
Bitcoin is currently facing a number of hurdles, if the charts are anything to go by. The upsides are near the price of $8,525 and $8,600. Therefore, the bulls are expected to continue to fight unless they attain strength to go past $8,600 in the near term. At the moment, the MACD is attaining pace in the bearish zone.
The Relative Strength Index for the Bitcoin and the US Dollar is below the price level of 50. However, it has a bearish angle. Major support levels are expected to be in the region of $8,375 and $8,420. The major resistance levels have also been predicted for the coin. The major resistance areas are $8,525. The other major levels for resistance are $8,600 and $8,660.