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Bitcoin (BTC) Price Hesitates But Further Downsides Seem Likely

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Bitcoin (BTC) Price Hesitates But Further Downsides Seem Likely

Bitcoin price is consolidating losses above the $8,000 support area against the US Dollar.The price is likely to struggle near the $8,150 and $8,220 resistance levels.There is a key rising channel or a bearish flag pattern forming with support near $8,060 on the hourly chart of the BTC/USD pair (data feed from Kraken).An upside correction towards the $8,220 and $8,280 levels could face a solid selling interest.Bitcoin price is consolidating losses with corrective moves against the US Dollar. However, BTC remains sell on rallies if it climbs towards $8,220 and $8,280.Bitcoin Price AnalysisAfter a nasty decline, bitcoin Bitcoin PriceLooking at the chart, bitcoin price is likely forming anther breakdown pattern with support near $8,060 and $8,000. On the other hand, the bulls need to gain momentum above $8,220 and $8,300 to negate the current bearish view.Technical indicators:Hourly MACD – The MACD is struggling to move into the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat below the 50 level.Major Support Levels – $8,060 followed by $8,000.Major Resistance Levels – $8,150, $8,220 and $8,300.

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Author: Aayush Jindal

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