Saturday, December 14Your Daily Bitcoin & Altcoin News Portal

Bitcoin (BTC) Price Looks Set For Another Breakdown

Please share if you find this article interesting.

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.

Go to Source

Author: Aayush Jindal

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

Comments