Bitcoin dropped by 9.5% this week as the sellers start to take control over the market momentum. It dropped beneath $9,000 a few days ago to reach the current support level at around $8,672.<\/p>\n
The cryptocurrency has spiked even further lower but has managed to rebound back above $8,600 to close each day. It also recently broke beneath a rising trend line as the outlook starts to turn bearish.<\/p>\n
Bitcoin Price Analysis<\/p>\n
BTC\/USD Daily CHART SHORT TERM<\/p>\n
Looking at the daily chart above, we can clearly see Bitcoin breaking beneath the rising trend line over the past 24-hours of trading. It is currently trading at support at $8,672 which is provided by the .5 Fibonacci Retracement level. The market managed to close above this level yesterday as the buyers battle to regain some form of control.<\/p>\n
Bitcoin is still neutral but the recent break beneath the rising trend line is putting it in a tricky situation. A break and close beneath $8,500 will likely to confirm a short term bearish trend moving forward.<\/p>\n
If the sellers break beneath the support at $8,672, the next level of support lies at the downside 1.618 Fibonacci Extension level at $8,559. This is then followed by support at $8,500. Beneath this, support is then located at $8,242 (.618 Fibonacci Retracement level), $8,000, and $7,630 (.786 Fibonacci Retracement level).<\/p>\n
Toward the upside, resistance is located at $8,800. Above this, higher resistance lies at $8,975, $9,000, $9,270, and $9,500.<\/p>\n
Key Levels<\/p>\n
Support: $8,672, $8,559, $8,500, $8,250, $8,200, $8,000.<\/p>\n<\/p>\n
Resistance: $8,975, $9,000, $9,100, $9,270, $9,506, $9,740, $9,975, $9,000, $9,270, $9,500.<\/p>\n
Summary<\/p>\n
Article Name<\/p>\n
Bitcoin Breaks Beneath Rising Trend Line - More Bearish Pressure On The Way?<\/p>\n
Description<\/p>\n
Bitcoin saw a 9.5% price decline this week as the cryptocurrency slipped below $9,000 to reach as low as $8,500.It recently broke beneath a 2-month-old rising trend line as the market outlook starts to look ever more bearish.<\/p>\n
Author<\/p>\n
Yaz Sheikh<\/p>\n
Publisher Name<\/p>\n
Coin Gape<\/p>\n
Publisher Logo<\/p>\n
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Bitcoin Breaks Beneath Rising Trend Line More Bearish Pressure On The Way? - Coingape<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin dropped by 9.5% this week as the sellers start to take control over the market momentum. It dropped beneath $9,000 a few days ago to reach the current support level at around $8,672. The cryptocurrency has spiked even further lower but has managed to rebound back above $8,600 to close each day. Continue reading