{"id":401316,"date":"2019-10-14T06:00:04","date_gmt":"2019-10-14T06:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=401316"},"modified":"2024-06-11T13:31:04","modified_gmt":"2024-06-11T13:31:04","slug":"bitcoin-btc-price-trend-remains-negative-below-8400","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-trend-remains-negative-below-8400\/","title":{"rendered":"Bitcoin (BTC) Price Trend Remains Negative Below $8,400"},"content":{"rendered":"<ul>\n<li>Bitcoin price is struggling to correct above the $8,350 and $8,400 resistances against the US Dollar.<\/li>\n<li>The price is currently correcting higher after trading as low as $8,146.<\/li>\n<li>Recently, there was a break below a key ascending channel with support near $8,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could correct higher, but it is likely to face a strong resistance near $8,350 and $8,400.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a negative zone below $8,400 against the US Dollar. BTC must climb above $8,400 and $8,500 to move back into a positive zone.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This past week, we saw a <a href=\"https:\/\/wncen.com\/2019\/10\/13\/bitcoin-btc-price-weekly-forecast-8300-holds-key-for-fresh-increase\/\" target=\"_blank\" rel=\"noopener noreferrer \">nasty decline<\/a> from the $8,950 zone in bitcoin against the US Dollar. The price declined heavily and broke the key $8,500 support area. Moreover, there was a close below the $8,500 level and the 100 hourly simple moving average. It opened the doors for more losses below the $8,400 and $8,350 support levels. Recently, there was a recovery above the $8,400 level, but the price failed to gain pace above $8,450.<\/p>\n<p>As a result, there was a fresh decline from the $8,472 high. During the decline, there was a break below a key ascending channel with support near $8,340 on the hourly chart of the BTC\/USD pair. The pair traded as low as $8,146 and it is currently correcting higher. It broke the $8,200 level and the 23.6% Fib retracement level of the recent decline from the $8,472 high to $8,146 low.<\/p>\n<p>At the moment, the price is testing the $8,300 area. Besides, it seems like the 50% Fib retracement level of the recent decline from the $8,472 high to $8,146 low is acting as a resistance. On the upside, there are many hurdles forming near the $8,350 and $8,400 levels. The key resistance is near the $8,400 level and the 100 hourly SMA. It also coincides with the 76.4% Fib retracement level of the recent decline from the $8,472 high to $8,146 low.<\/p>\n<p>Therefore, a clear close above the $8,400 level might start a decent recovery. The next <a href=\"https:\/\/wncen.com\/2019\/10\/10\/bitcoin-btc-shows-signs-of-important-reversal-8-8k-next\/\" target=\"_blank\" rel=\"noopener noreferrer \">key resistance<\/a> is near the $8,500 level, above which the price could test the $8,800 resistance. Conversely, if the price fails to recover above $8,350 or $8,400, it could resume its decline. An immediate support is near the $8,200 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-11.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-401317\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-11.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-11.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-11.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-11.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-11.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-11.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-11.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-11.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 is clearly trading in a bearish zone below $8,400 and the 100 hourly SMA. In the short term, there could be an upside correction, but a break above $8,400 won\u2019t be easy.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly climbing towards the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,200 followed by $8,150.<\/p>\n<p>Major Resistance Levels \u2013 $8,350, $8,400 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is struggling to correct above the $8,350 and $8,400 resistances against the US Dollar. The price is currently correcting higher after trading as low as $8,146. Recently, there was a break below a key ascending channel with support near $8,340 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could correct higher, but it is likely to face a strong resistance near $8,350 and $8,400. Bitcoin price is trading in a negative zone below $8,400 against the US Dollar. BTC must climb above $8,400 and $8,500 to move back into a positive zone. Bitcoin Price Analysis This past week, we saw a nasty decline from the $8,950 zone in bitcoin against the US Dollar. The price declined heavily and broke the key $8,500 support area. Moreover, there was a close below the $8,500 level and the 100 hourly simple moving average. It opened the doors for more losses below the $8,400 and $8,350 support levels. Recently, there was a recovery above the $8,400 level, but the price failed to gain pace above $8,450. As a result, there was a fresh decline from the $8,472 high. During the decline, there was a break below a key ascending channel with support near $8,340 on the hourly chart of the BTC\/USD pair. The pair traded as low as $8,146 and it is currently correcting higher. It broke the $8,200 level and the 23.6% Fib retracement level of the recent decline from the $8,472 high to $8,146 low. At the moment, the price is testing the $8,300 area. Besides, it seems like the 50% Fib retracement level of the recent decline from the $8,472 high to $8,146 low is acting as a resistance. On the upside, there are many hurdles forming near the $8,350 and $8,400 levels. The key resistance is near the $8,400 level and the 100 hourly SMA. It also coincides with the 76.4% Fib retracement level of the recent decline from the $8,472 high to $8,146 low. Therefore, a clear close above the $8,400 level might start a decent recovery. The next key resistance is near the $8,500 level, above which the price could test the $8,800 resistance. Conversely, if the price fails to recover above $8,350 or $8,400, it could resume its decline. An immediate support is near the $8,200 level. Looking at the chart, bitcoin is clearly trading in a bearish zone below $8,400 and the 100 hourly SMA. In the short term, there could be an upside correction, but a break above $8,400 won\u2019t be easy. Technical indicators: Hourly MACD \u2013 The MACD is currently losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly climbing towards the 50 level. Major Support Levels \u2013 $8,200 followed by $8,150. Major Resistance Levels \u2013 $8,350, $8,400 and $8,500.<\/p>\n","protected":false},"author":67,"featured_media":328923,"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-401316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Trend Remains Negative Below $8,400<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a negative zone below $8,400 against the US Dollar. 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