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Bitcoin (BTC) Price Looks Set For Another Breakdown

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Bitcoin (BTC) Price Looks Set For Another Breakdown

Bitcoin price is extending losses and it traded below the $8,640 support against the US Dollar.The price is likely to decline further below the $8,560 and $8,500 support levels.Morning’s short term breakout pattern was breached with support near $8,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).The current price action suggests another breakdown below the $8,550 support area.Bitcoin price is declining below key supports against the US Dollar. BTC might tumble towards $8,300 or $8,200 once the bears clear the $8,550 and $8,500 supports.Bitcoin Price AnalysisIn morning, we Bitcoin PriceLooking at the chart, bitcoin is trading near the last key support of the current wave near the $8,550 level. A clear breakdown is likely to spark a strong bearish reaction in the crypto market and major altcoins in the near term.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 now well below 50 level, with bearish signs.Major Support Levels – $8,550 followed by $8,500.Major Resistance Levels – $8,640, $8,740 and $8,800.

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Author: Aayush Jindal

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