{"id":402279,"date":"2019-10-25T06:00:31","date_gmt":"2019-10-25T06:00:31","guid":{"rendered":"https:\/\/wncen.com\/?p=402279"},"modified":"2024-06-11T13:31:28","modified_gmt":"2024-06-11T13:31:28","slug":"bitcoin-btc-price-primed-for-additional-losses","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-primed-for-additional-losses\/","title":{"rendered":"Bitcoin (BTC) Price Primed For Additional Losses Below $7.2K"},"content":{"rendered":"<ul>\n<li>Bitcoin price is showing bearish signs and still trading below $7,500 against the US Dollar.<\/li>\n<li>The price is facing a lot of hurdles on the upside near $7,500 and $7,600.<\/li>\n<li>There is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could decline further below $7,300 if it continues to struggle near $7,500.<\/li>\n<\/ul>\n<p><em>Bitcoin price is facing an uphill task near $7,500 and $7,600 against the US Dollar. BTC could decline below $7,300 and $7,200 in the near term.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, there was a <a href=\"https:\/\/wncen.com\/2019\/10\/24\/bitcoin-btc-price-wont-go-quietly-risk-of-bounce-grows\/\" target=\"_blank\" rel=\"noopener noreferrer \">sharp decline<\/a> in bitcoin below the $7,800 support area against the US Dollar. As a result, there was a significant drop in BTC price below the main $7,500 support area.<\/p>\n<p>Moreover, there was a close below $7,800 and the 100 hourly simple moving average. Finally, the price traded close to $7,300 and formed a new monthly low at $7,302. It is currently consolidating losses and is trading above the $7,400 level.<\/p>\n<p>On the upside, there are <a href=\"https:\/\/wncen.com\/2019\/10\/23\/bitcoin-btc-price-approaching-key-support-bears-back-in-action\/\" target=\"_blank\" rel=\"noopener noreferrer \">many key resistances<\/a> for buyers near the $7,500 and $7,600 levels. Additionally, the 23.6% Fib retracement level of the downward move from the $8,327 high to $7,302 low is also near the $7,540 level.<\/p>\n<p>More importantly, there is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC\/USD pair. If there is a break above the trend line, the price could face resistance near the $7,600 level.<\/p>\n<p>If there are more upsides, bitcoin may perhaps recover towards the key $7,800 resistance or the 50% Fib retracement level of the downward move from the $8,327 high to $7,302 low. The 100 hourly SMA is also near the $7,880 level to act as a resistance.<\/p>\n<p>Conversely, if the price continues to struggle near $7,500 and $7,600, there could be another decline. An immediate support is near the $7,350 level. If there is a downside break below $7,350, the price could decline towards $7,200 or even $7,120.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-402280\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/Bitcoin-21.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 facing a lot of hurdles near $7,500 and $7,600. Even if there is a break above $7,600, the $7,800 area is a strong barrier for the bulls. Therefore, there are chances of another decline below the $7,302 low in the coming sessions. The next major support is near the $7,050 and $7,000 levels.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,350 followed by $7,300.<\/p>\n<p>Major Resistance Levels \u2013 $7,500, $7,600 and $7,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is showing bearish signs and still trading below $7,500 against the US Dollar. The price is facing a lot of hurdles on the upside near $7,500 and $7,600. There is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could decline further below $7,300 if it continues to struggle near $7,500. Bitcoin price is facing an uphill task near $7,500 and $7,600 against the US Dollar. BTC could decline below $7,300 and $7,200 in the near term. Bitcoin Price Analysis Yesterday, there was a sharp decline in bitcoin below the $7,800 support area against the US Dollar. As a result, there was a significant drop in BTC price below the main $7,500 support area. Moreover, there was a close below $7,800 and the 100 hourly simple moving average. Finally, the price traded close to $7,300 and formed a new monthly low at $7,302. It is currently consolidating losses and is trading above the $7,400 level. On the upside, there are many key resistances for buyers near the $7,500 and $7,600 levels. Additionally, the 23.6% Fib retracement level of the downward move from the $8,327 high to $7,302 low is also near the $7,540 level. More importantly, there is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC\/USD pair. If there is a break above the trend line, the price could face resistance near the $7,600 level. If there are more upsides, bitcoin may perhaps recover towards the key $7,800 resistance or the 50% Fib retracement level of the downward move from the $8,327 high to $7,302 low. The 100 hourly SMA is also near the $7,880 level to act as a resistance. Conversely, if the price continues to struggle near $7,500 and $7,600, there could be another decline. An immediate support is near the $7,350 level. If there is a downside break below $7,350, the price could decline towards $7,200 or even $7,120. Looking at the chart, bitcoin is clearly facing a lot of hurdles near $7,500 and $7,600. Even if there is a break above $7,600, the $7,800 area is a strong barrier for the bulls. Therefore, there are chances of another decline below the $7,302 low in the coming sessions. The next major support is near the $7,050 and $7,000 levels. Technical indicators: Hourly MACD \u2013 The MACD is about to move back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Levels \u2013 $7,350 followed by $7,300. Major Resistance Levels \u2013 $7,500, $7,600 and $7,800.<\/p>\n","protected":false},"author":67,"featured_media":328924,"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-402279","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 Primed For Additional Losses Below $7.2K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing an uphill task near $7,500 and $7,600 against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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