Friday, May 29Your Daily Bitcoin & Altcoin News Portal

Bitcoin (BTC) Price Approaching Key Support, Bears Back In Action

Please share if you find this article interesting.

Bitcoin (BTC) Price Approaching Key Support, Bears Back In Action

Bitcoin price is declining after it failed to climb above the key $8,300 resistance against the US Dollar.The price is under pressure and it is now trading below the $8,000 support area.There was a break below a connecting bullish trend line with support near $8,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is approaching a major support area near $7,800, below which there could be a sharp decline.Bitcoin price is facing a fresh increase in selling pressure below $8,200 against the US Dollar. BTC price could accelerate losses if it fails to stay above $7,800.Bitcoin Price AnalysisRecently, bitcoin made a few attempts to gain strength above the Bitcoin PriceLooking at the chart, bitcoin is clearly struggling below $8,020 and $8,120. An immediate support is near the $7,800 area. If the bulls fail to defend the $7,800 support area, there is a risk of a breakdown. The next major support is near the $7,500 area, where the bulls may take a stand.Technical indicators:Hourly MACD – The MACD is gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold area.Major Support Levels – $7,880 followed by $7,800.Major Resistance Levels – $8,020, $8,100 and $8,120.

Go to Source

Author: Aayush Jindal

Found this article interesting? Kindly share it on Social Media.