{"id":389808,"date":"2019-07-15T06:00:11","date_gmt":"2019-07-15T06:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=389808"},"modified":"2024-06-11T12:54:03","modified_gmt":"2024-06-11T12:54:03","slug":"bitcoin-price-btc-8800-bearish-target-could-be-real","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-8800-bearish-target-could-be-real\/","title":{"rendered":"Bitcoin Price (BTC) Breaks Key Support: $8,800 Bearish Target Could Be Real"},"content":{"rendered":"<ul>\n<li>Bitcoin price extended its declined and broke the key $10,800 support level against the US Dollar.<\/li>\n<li>The price even broke the last swing low and a major support area near the $10,500 level.<\/li>\n<li>There is a key bearish trend line forming with resistance near $10,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price remains in a strong target and it seems like the $8,880 bearish target seems real.<\/li>\n<\/ul>\n<p><em>Bitcoin price started a fresh decline below the $10,800 support against the US Dollar. BTC is currently correcting higher, but the $10,800 level is likely to act as a sell zone.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past few days, there were heavy losses in bitcoin price below the $11,000 support against the US Dollar. The BTC\/USD pair even broke the key $10,800 support area to extend its decline. Finally, there was a break below the last swing low and a major support area near the $10,500 level. The price settled below the $10,800 level and the 100 hourly simple moving average. A swing low was formed near the $9,784 level and the price is currently correcting higher.<\/p>\n<p>More importantly, it seems like <a href=\"https:\/\/wncen.com\/2019\/07\/14\/bitcoin-btc-price-weekly-forecast-risk-of-extended-drop-to-8880\/\" target=\"_blank\" rel=\"noopener noreferrer \">the $8,880 bearish target<\/a> (as discussed in the weekly forecast) is now in sight. In the short term, there could be an upside correction above $10,200. The price is currently trading near the 23.6% Fib retracement level of the recent drop from the $11,466 high to $9,785 low. However, there are many resistance levels on the upside near the $10,500 and $10,600 levels.<\/p>\n<p>Moreover, there is a key bearish trend line forming with resistance near $10,650 on the hourly chart of the BTC\/USD pair. The 50% Fib retracement level of the recent drop from the $11,466 high to $9,785 low is just below the trend line. The main resistance is near the $10,800 level (<a href=\"https:\/\/wncen.com\/2019\/07\/13\/bitcoin-price-btc-remains-vulnerable-risk-of-more-losses\/\" target=\"_blank\" rel=\"noopener noreferrer \">the previous support area<\/a>). To start a strong recovery, the price must settle above $10,800 level.<\/p>\n<p>On the downside, an immediate support is near the $10,000 level, below which the price may retest the $9,780 level in the near term. If there are more losses, the price may continue to slide towards $9,500 and $9,200.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-14.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-389809\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-14.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-14.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-14.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-14.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-14.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-14.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-14.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-14.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly in a downtrend from the $13,200 yearly swing high. If the bears remain in action, it seems like the $8,880 bearish target (as discussed in the weekly forecast) could be test in the coming days.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $10,000 followed by $9,750.<\/p>\n<p>Major Resistance Levels \u2013 $10,500, $10,620 and $10,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended its declined and broke the key $10,800 support level against the US Dollar. The price even broke the last swing low and a major support area near the $10,500 level. There is a key bearish trend line forming with resistance near $10,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price remains in a strong target and it seems like the $8,880 bearish target seems real. Bitcoin price started a fresh decline below the $10,800 support against the US Dollar. BTC is currently correcting higher, but the $10,800 level is likely to act as a sell zone. Bitcoin Price Analysis In the past few days, there were heavy losses in bitcoin price below the $11,000 support against the US Dollar. The BTC\/USD pair even broke the key $10,800 support area to extend its decline. Finally, there was a break below the last swing low and a major support area near the $10,500 level. The price settled below the $10,800 level and the 100 hourly simple moving average. A swing low was formed near the $9,784 level and the price is currently correcting higher. More importantly, it seems like the $8,880 bearish target (as discussed in the weekly forecast) is now in sight. In the short term, there could be an upside correction above $10,200. The price is currently trading near the 23.6% Fib retracement level of the recent drop from the $11,466 high to $9,785 low. However, there are many resistance levels on the upside near the $10,500 and $10,600 levels. Moreover, there is a key bearish trend line forming with resistance near $10,650 on the hourly chart of the BTC\/USD pair. The 50% Fib retracement level of the recent drop from the $11,466 high to $9,785 low is just below the trend line. The main resistance is near the $10,800 level (the previous support area). To start a strong recovery, the price must settle above $10,800 level. On the downside, an immediate support is near the $10,000 level, below which the price may retest the $9,780 level in the near term. If there are more losses, the price may continue to slide towards $9,500 and $9,200. Looking at the chart, bitcoin price is clearly in a downtrend from the $13,200 yearly swing high. If the bears remain in action, it seems like the $8,880 bearish target (as discussed in the weekly forecast) could be test in the coming days. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 40 level. Major Support Levels \u2013 $10,000 followed by $9,750. Major Resistance Levels \u2013 $10,500, $10,620 and $10,800.<\/p>\n","protected":false},"author":67,"featured_media":328922,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-389808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC) Breaks Key Support: $8,800 Bearish Target Could Be Real<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a fresh decline below the $10,800 support against the US Dollar. 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