{"id":417444,"date":"2020-03-09T05:08:34","date_gmt":"2020-03-09T05:08:34","guid":{"rendered":"https:\/\/wncen.com\/?p=417444"},"modified":"2024-06-11T13:43:05","modified_gmt":"2024-06-11T13:43:05","slug":"bitcoin-just-broke-8k-here-are-important-supports","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-just-broke-8k-here-are-important-supports\/","title":{"rendered":"Bitcoin Just Broke $8K: Here Are Important Supports Traders Must Watch"},"content":{"rendered":"<p><em>Bitcoin is down close to 10% and it broke the key $8,000 support against the US Dollar. BTC price is now vulnerable, but the $7,500 support area could spark a decent recovery in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin is declining heavily below the $8,200 and $8,000 support levels against the US Dollar.<\/li>\n<li>The price broke many key supports, including the 100-day SMA.<\/li>\n<li>There was a break below a major bullish trend line with support at $8,670 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The next major support on the downside is near the $7,500 area, where the bulls are likely to appear.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dives 10%<\/h2>\n<p>In yesterday\u2019s weekly forecast, we discussed a breakdown pattern in bitcoin and the <a href=\"https:\/\/wncen.com\/2020\/03\/08\/bitcoin-just-reversed-and-8400-is-imminent\/\" target=\"_blank\" rel=\"noopener noreferrer \">chances of it hitting the $8,400 level<\/a>. BTC price not only tested the $8,400 level, but it dived sharply below the $8,200 support.<\/p>\n<p>The daily <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> suggests that the price broke many important supports, starting with $9,000 and $8,800. The first major support was near the $8,750 level and a major bullish trend line.<\/p>\n<figure id=\"attachment_417445\" aria-describedby=\"caption-attachment-417445\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-417445\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-7.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-7.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-7.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-7.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-7.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-7.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-7.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Bitcoin-7.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-417445\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The next key support was near the 50% Fib retracement level of the main upward move from the $6,442 low to $10,560 high. More importantly, bitcoin price traded below the <a href=\"https:\/\/wncen.com\/2020\/03\/05\/bitcoin-bullish-reversal-and-9k-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer \">$8,200 support area<\/a> (the previous breakout zone) and the 100-day simple moving average.<\/p>\n<p>The price is now trading well below the 61.8% Fib retracement level of the main upward move from the $6,442 low to $10,560 high. These are strong bearish signs, suggesting chances of more losses below the $7,800 level.<\/p>\n<p>An immediate support is near the $7,500 level (a multi-touch zone), where the bulls are likely to take a stand. If they fail to defend $7,500 and $7,400, the next stop could be $6,500 in the coming days.<\/p>\n<h2>What are the Chances of a Recovery?<\/h2>\n<p>The current price action suggests bitcoin is under a lot of selling pressure below $8,200 and $8,000. However, the $7,500 support area could be a savior.<\/p>\n<p>If the price finds a strong buying interest near the $7,500 area, it could start a decent recovery. On the upside, an initial resistance is near the $8,280 level. The main resistance area is near $8,400 and the 100-day SMA, above which the bulls are likely to aim a test of the $9,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Daily MACD \u2013 The MACD is showing a few contra bullish signs.<\/p>\n<p>Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $7,500 followed by $7,400.<\/p>\n<p>Major Resistance Levels \u2013 $8,200, $8,400 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is down close to 10% and it broke the key $8,000 support against the US Dollar. BTC price is now vulnerable, but the $7,500 support area could spark a decent recovery in the near term. Bitcoin is declining heavily below the $8,200 and $8,000 support levels against the US Dollar. The price broke many key supports, including the 100-day SMA. There was a break below a major bullish trend line with support at $8,670 on the daily chart of the BTC\/USD pair (data feed from Kraken). The next major support on the downside is near the $7,500 area, where the bulls are likely to appear. Bitcoin Price Dives 10% In yesterday\u2019s weekly forecast, we discussed a breakdown pattern in bitcoin and the chances of it hitting the $8,400 level. BTC price not only tested the $8,400 level, but it dived sharply below the $8,200 support. The daily chart suggests that the price broke many important supports, starting with $9,000 and $8,800. The first major support was near the $8,750 level and a major bullish trend line. The next key support was near the 50% Fib retracement level of the main upward move from the $6,442 low to $10,560 high. More importantly, bitcoin price traded below the $8,200 support area (the previous breakout zone) and the 100-day simple moving average. The price is now trading well below the 61.8% Fib retracement level of the main upward move from the $6,442 low to $10,560 high. These are strong bearish signs, suggesting chances of more losses below the $7,800 level. An immediate support is near the $7,500 level (a multi-touch zone), where the bulls are likely to take a stand. If they fail to defend $7,500 and $7,400, the next stop could be $6,500 in the coming days. What are the Chances of a Recovery? The current price action suggests bitcoin is under a lot of selling pressure below $8,200 and $8,000. However, the $7,500 support area could be a savior. If the price finds a strong buying interest near the $7,500 area, it could start a decent recovery. On the upside, an initial resistance is near the $8,280 level. The main resistance area is near $8,400 and the 100-day SMA, above which the bulls are likely to aim a test of the $9,000 level. Technical indicators: Daily MACD \u2013 The MACD is showing a few contra bullish signs. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level. Major Support Levels \u2013 $7,500 followed by $7,400. Major Resistance Levels \u2013 $8,200, $8,400 and $8,500.<\/p>\n","protected":false},"author":67,"featured_media":417446,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119],"class_list":["post-417444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Just Broke $8K: Here Are Important Supports Traders Must Watch<\/title>\n<meta name=\"description\" content=\"Bitcoin is down close to 10% and it broke the key $8,000 support. 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