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Bitcoin (BTC) Price Poised for Declines Unless It Breaks $9K

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Bitcoin (BTC) Price Poised for Declines Unless It Breaks $9K

Bitcoin price is trading with a bearish angle below the $8,880 resistance against the US Dollar.The price is likely to continue lower below the $8,640 and $8,600 support levels.There is a short term breakout pattern forming with resistance near $8,740 on the hourly chart of the BTC/USD pair (data feed from Kraken).The bears remain in control unless the price climbs above $8,880 and $9,000.Bitcoin price is under a lot of pressure below $8,880 against the US Dollar. BTC could decline significantly if it breaks the $8,640 and $8,600 support levels.Bitcoin Price AnalysisYesterday, we saw a Bitcoin PriceLooking at the chart, bitcoin is facing a lot of resistances on the upside, starting with $8,780 and up to $9,000. A successful daily close above $9,000 is needed for a fresh increase in the coming days.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 declining and it is now well below the 50 level.Major Support Levels – $8,640 followed by $8,600.Major Resistance Levels – $8,780, $8,800 and $8,880.

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Author: Aayush Jindal

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