{"id":397152,"date":"2019-09-26T06:00:19","date_gmt":"2019-09-26T06:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=397152"},"modified":"2024-06-11T13:25:49","modified_gmt":"2024-06-11T13:25:49","slug":"bitcoin-price-btc-sighting-next-downside-break-below-8-2k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-sighting-next-downside-break-below-8-2k\/","title":{"rendered":"Bitcoin Price (BTC) Sighting Next Downside Break Below $8.2K"},"content":{"rendered":"<ul>\n<li>Bitcoin price is consolidating yesterday\u2019s losses above the $8,200 support against the US Dollar.<\/li>\n<li>The price is clearly trading with a bearish bias and remains at a risk of more losses below $8,000.<\/li>\n<li>There is a key breakout pattern forming with resistance near $8,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could soon resume its decline below $8,200 unless the bulls push the price above $8,800.<\/li>\n<\/ul>\n<p><em>Bitcoin price is forming the next <a href=\"https:\/\/wncen.com\/2019\/09\/24\/bitcoin-price-btc-breakdown-looks-real-more-downsides-incoming\/\" target=\"_blank\" rel=\"noopener noreferrer \">breakout pattern<\/a> against the US Dollar. BTC could either resume its decline below $8,000 or it might recover towards $9,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, there was a nasty drop in bitcoin below the $9,000 support area against the US Dollar. The price declined close to 15% and even traded below the $8,500 level. Finally, the price settled well below the 100 hourly simple moving average and traded to a new monthly low at $8,055. Later, there was an upside correction above the $8,200 and $8,400 levels.<\/p>\n<p>Moreover, the price recovered above the $8,500 level, plus the 23.6% Fib retracement level of the last major decline from the $10,087 high to $8,055 low. However, the upward move was capped by the $8,750 and $8,800 resistance levels. The bulls made a few attempts to push the price above $8,800, but they failed. As a result, the price started trading in a range below $8,800. At the outset, there is a key breakout pattern forming with resistance near $8,600 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>To start a strong recovery, bitcoin price must surpass the $8,600 and $8,800 resistance levels. The next key resistance is near the $9,000 and $9,080 levels. Moreover, the 50% Fib retracement level of the last major decline from the $10,087 high to $8,055 low is also near the $9,070 level. Finally, there is a connecting bearish trend line forming on the same chart with resistance near $9,350 and the 100 hourly SMA.<\/p>\n<p>Conversely, if the price breaks the triangle support at $8,320, there could be a fresh decline. An immediate support is near the $8,200 level, below which the price is likely to revisit the $8,000 support area. Any further losses is likely to <a href=\"https:\/\/wncen.com\/2019\/09\/25\/bitcoin-price-btc-decline-far-from-over-bears-eye-7-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">open the doors for a drop to $7,500<\/a>.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-22.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-397153\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-22.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-22.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-22.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-22.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-22.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-22.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-22.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-22.png?w=1140 1140w\" sizes=\"auto, (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 seems to be preparing for the next break either above $8,600 or towards $8,000. The chances of a downside break are high considering the technical structure below $8,000 and the current price action.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently struggling to climb towards 50.<\/p>\n<p>Major Support Levels \u2013 $8,200 followed by $8,000.<\/p>\n<p>Major Resistance Levels \u2013 $8,600, $8,750 and $8,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is consolidating yesterday\u2019s losses above the $8,200 support against the US Dollar. The price is clearly trading with a bearish bias and remains at a risk of more losses below $8,000. There is a key breakout pattern forming with resistance near $8,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could soon resume its decline below $8,200 unless the bulls push the price above $8,800. Bitcoin price is forming the next breakout pattern against the US Dollar. BTC could either resume its decline below $8,000 or it might recover towards $9,000. Bitcoin Price Analysis Yesterday, there was a nasty drop in bitcoin below the $9,000 support area against the US Dollar. The price declined close to 15% and even traded below the $8,500 level. Finally, the price settled well below the 100 hourly simple moving average and traded to a new monthly low at $8,055. Later, there was an upside correction above the $8,200 and $8,400 levels. Moreover, the price recovered above the $8,500 level, plus the 23.6% Fib retracement level of the last major decline from the $10,087 high to $8,055 low. However, the upward move was capped by the $8,750 and $8,800 resistance levels. The bulls made a few attempts to push the price above $8,800, but they failed. As a result, the price started trading in a range below $8,800. At the outset, there is a key breakout pattern forming with resistance near $8,600 on the hourly chart of the BTC\/USD pair. To start a strong recovery, bitcoin price must surpass the $8,600 and $8,800 resistance levels. The next key resistance is near the $9,000 and $9,080 levels. Moreover, the 50% Fib retracement level of the last major decline from the $10,087 high to $8,055 low is also near the $9,070 level. Finally, there is a connecting bearish trend line forming on the same chart with resistance near $9,350 and the 100 hourly SMA. Conversely, if the price breaks the triangle support at $8,320, there could be a fresh decline. An immediate support is near the $8,200 level, below which the price is likely to revisit the $8,000 support area. Any further losses is likely to open the doors for a drop to $7,500. Looking at the chart, bitcoin seems to be preparing for the next break either above $8,600 or towards $8,000. The chances of a downside break are high considering the technical structure below $8,000 and the current price action. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently struggling to climb towards 50. Major Support Levels \u2013 $8,200 followed by $8,000. Major Resistance Levels \u2013 $8,600, $8,750 and $8,800.<\/p>\n","protected":false},"author":67,"featured_media":344599,"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-397152","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) Sighting Next Downside Break Below $8.2K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is forming the next breakout pattern against the US Dollar. 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