Bitcoin price started a downside correction after rallying to a new 2020 high near $8,460 against the US Dollar. BTC corrected $500, but the price is still above many key supports.<\/p>\n
This week, we saw a strong rise in bitcoin price above the $8,000 resistance against the US Dollar. BTC traded to a new 2020 high near $8,460 before it started a downside correction.<\/p>\n
The bears were able to push the price below the $8,300 and $8,200 levels. During the decline, there was a break below a key bullish trend line with support near $8,040 on the hourly chart.<\/p>\n
Besides, the price failed to stay above the $8,000 support area. Finally, it traded as low as $7,867 and is currently consolidating in a range. On the upside, there are initial hurdles near $8,000, and the 23.6% Fib retracement level of the recent decline from the $8,426 high to $7,867 low.<\/p>\n
The first key resistance for bitcoin is near the $8,145 level. It represents the 50% Fib retracement level of the recent decline from the $8,426 high to $7,867 low.<\/p>\n
If there is a clear break above the $8,145 and $8,200 levels, the price is likely to resume its upward move. The next major resistance is at $8,280, above which the bulls are likely to aim a new 2020 high.<\/p>\n
On the downside, there are a couple of key supports for bitcoin near the $7,800 level. More importantly, the 100 hourly simple moving average is near $7,800.<\/p>\n
Therefore, a successful bearish close below $7,800 might invalidate the current bullish view. In the mentioned case, the price is likely to revisit the $7,500 support.<\/p>\n<\/p>\n
Looking at the chart, bitcoin price is clearly under stress below the $8,000 and $8,100 levels. In the short term, there could be a downside extension, but the price is likely to bounce back as long as it is above $7,800.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is slowly reducing its bearish slope.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is currently well below the 50 level.<\/p>\n
Major Support Levels $7,860 followed by $7,800.<\/p>\n
Major Resistance Levels $8,000, $8,145 and $8,200.<\/p>\n
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Bitcoin Starts Corrective Decrease But Bulls Not Out Of Woods Yet - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price started a downside correction after rallying to a new 2020 high near $8,460 against the US Dollar. BTC corrected $500, but the price is still above many key supports. Continue reading