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Bitcoin (BTC) Price Diving, Gates To $7,400 Now Wide Open

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Bitcoin (BTC) Price Diving, Gates To $7,400 Now Wide Open

Bitcoin price is diving and it recently broke the $8,000 support area against the US Dollar.The price is under a lot of pressure and recently traded to a new monthly low at $7,828.Morning’s bearish flag pattern was breached with support near $8,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).The next key target for the bears could be $7,400 (as discussed in the recent Bitcoin PriceLooking at the chart, bitcoin price is clearly gaining bearish momentum below the $8,000 support area. There are high chances of additional losses towards the $7,400 support unless the price rallies above $8,020 and $8,200 in the near term.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 recovering from the oversold levels.Major Support Levels – $7,640 followed by $7,400.Major Resistance Levels – $8,000, $8,020 and $8,200.

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Author: Aayush Jindal

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