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{"id":425204,"date":"2020-05-27T03:58:44","date_gmt":"2020-05-27T03:58:44","guid":{"rendered":"https:\/\/wncen.com\/?p=425204"},"modified":"2024-06-11T13:49:21","modified_gmt":"2024-06-11T13:49:21","slug":"bitcoin-btc-plunge-to-8200-seems-likely","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-plunge-to-8200-seems-likely\/","title":{"rendered":"Bitcoin Plunge To $8,200 Seems Likely, As Technical Indicators Turn Red"},"content":{"rendered":"

Bitcoin is trading in a bearish zone below $9,000 against the US Dollar. BTC price is likely to accelerate lower if it breaks the $8,680 and $8,600 support levels.<\/em><\/p>\n

\n
Bitcoin is declining and trading well below the key $9,100 pivot level.<\/li>\n
The price is likely to continue lower towards the $8,400 and $8,200 support levels.<\/li>\n
There is a major bearish trend line forming with resistance near $8,910 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could only avoid losses if it gains bullish momentum above $9,000 and $9,100.<\/li>\n<\/ul>\n
Bitcoin Turns Red<\/h2>\n
Bitcoin price remained well bid above the $8,680 support and recently corrected higher against the US Dollar. BTC price climbed above the $8,800 resistance level, but it stayed well below the 100 hourly simple moving average.<\/p>\n
The upward move was capped by the $9,000 resistance zone<\/a>. It seems like the price failed to surpass the 50% Fib retracement level of the key decline from the $9,305 swing high to $8,645 swing low.<\/p>\n
More importantly, there is a major bearish trend line forming with resistance near $8,910 on the hourly chart<\/a> of the BTC\/USD pair. Bitcoin is clearly struggling to clear the trend line and the $9,000 resistance level.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
If there is an upside break above the trend line resistance, the price could continue to rise towards the $9,100 resistance area. An intermediate resistance is near the $9,050 level or the 61.8% Fib retracement level of the key decline from the $9,305 swing high to $8,645 swing low.<\/p>\n
To move into a positive zone and avoid more losses, the price must break the trend line resistance and then gain momentum above the $9,100 pivot level in the near term. In the mentioned case, the price could continue to rise towards the $9,330 and $9,500 resistance levels.<\/p>\n
Bearish Break in BTC?<\/h2>\n
If bitcoin price fails to break the trend line resistance and $9,000, it might slide further. An initial support is near the $8,680 level and the $8,645 swing low.<\/p>\n
A successful downside break below the $8,645 swing low could spark more losses. The next key support is near the $8,400 level, below which there are chances of a sustained downward<\/a> move towards the $8,200 level in the coming days.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is about to move into the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is approaching the 40 level.<\/p>\n
Major Support Levels \u2013 $8,645 followed by $8,400.<\/p>\n
Major Resistance Levels \u2013 $8,950, $9,000 and $9,100.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is trading in a bearish zone below $9,000 against the US Dollar. BTC price is likely to accelerate lower if it breaks the $8,680 and $8,600 support levels. Bitcoin is declining and trading well below the key $9,100 pivot level. The price is likely to continue lower towards the $8,400 and $8,200 support levels. There is a major bearish trend line forming with resistance near $8,910 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could only avoid losses if it gains bullish momentum above $9,000 and $9,100. Bitcoin Turns Red Bitcoin price remained well bid above the $8,680 support and recently corrected higher against the US Dollar. BTC price climbed above the $8,800 resistance level, but it stayed well below the 100 hourly simple moving average. The upward move was capped by the $9,000 resistance zone. It seems like the price failed to surpass the 50% Fib retracement level of the key decline from the $9,305 swing high to $8,645 swing low. More importantly, there is a major bearish trend line forming with resistance near $8,910 on the hourly chart of the BTC\/USD pair. Bitcoin is clearly struggling to clear the trend line and the $9,000 resistance level. If there is an upside break above the trend line resistance, the price could continue to rise towards the $9,100 resistance area. An intermediate resistance is near the $9,050 level or the 61.8% Fib retracement level of the key decline from the $9,305 swing high to $8,645 swing low. To move into a positive zone and avoid more losses, the price must break the trend line resistance and then gain momentum above the $9,100 pivot level in the near term. In the mentioned case, the price could continue to rise towards the $9,330 and $9,500 resistance levels. Bearish Break in BTC? If bitcoin price fails to break the trend line resistance and $9,000, it might slide further. An initial support is near the $8,680 level and the $8,645 swing low. A successful downside break below the $8,645 swing low could spark more losses. The next key support is near the $8,400 level, below which there are chances of a sustained downward move towards the $8,200 level in the coming days. Technical indicators: Hourly MACD \u2013 The MACD is about to move into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is approaching the 40 level. Major Support Levels \u2013 $8,645 followed by $8,400. Major Resistance Levels \u2013 $8,950, $9,000 and $9,100.<\/p>\n","protected":false},"author":67,"featured_media":425206,"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":[428,1144,78790,76835],"class_list":["post-425204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Plunge To $8,200 Seems Likely, As Technical Indicators Turn Red<\/title>\n<meta name=\"description\" content=\"Bitcoin is trading in a bearish zone below $9,000 against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. 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. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Plunge To $8,200 Seems Likely, As Technical Indicators Turn Red","url":"http:\/\/wncen.com\/news\/bitcoin-btc-plunge-to-8200-seems-likely\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-plunge-to-8200-seems-likely\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/shutterstock_1575610057.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/shutterstock_1575610057.jpg?fit=1000%2C587"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-05-27T03:58:44Z","datePublished":"2020-05-27T03:58:44Z","dateModified":"2024-06-11T13:49:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Plunge To $8,200 Seems Likely, As Technical Indicators Turn Red\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-plunge-to-8200-seems-likely\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-plunge-to-8200-seems-likely\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/shutterstock_1575610057.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/shutterstock_1575610057.jpg?fit=1000%2C587\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-05-27T03:58:44Z\",\"datePublished\":\"2020-05-27T03:58:44Z\",\"dateModified\":\"2024-06-11T13:49:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/shutterstock_1575610057.jpg?fit=1000%2C587","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/425204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=425204"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/425204\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/425206"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=425204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=425204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=425204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Bearish Break in BTC?<\/h2>\nIf bitcoin price fails to break the trend line resistance and $9,000, it might slide further. An initial support is near the $8,680 level and the $8,645 swing low.<\/p>\n