Bitcoin Price Watch: BTC/USD Tumbles, Sell On Rallies Near $6,770

2018-8-8 11:48

Key Points Bitcoin price declined sharply and broke an important support near $6,830 against the US Dollar. A crucial bearish trend line with current resistance at $7,000 acted as a hurdle on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair declined below the $6,500 level and recoveries are likely to face sellers near $6,770.

Bitcoin price turned bearish below $6,830 against the US Dollar. BTC/USD could correct higher, but it is likely to face heavy selling interest near $6,700 and $6,770.

Bitcoin Price Analysis

Yesterday, we discussed that there could be a recovery above $7,050 in bitcoin price against the US Dollar. The BTC/USD pair did move above $7,050, but as discussed upsides were capped. The price failed to break the $7,070 and $7,150 resistance levels. More importantly, there was a rejection pattern formed near the $7,150 level and the 100 hourly simple moving average.

Lastly, a crucial bearish trend line with current resistance at $7,000 acted as a hurdle on the hourly chart of the BTC/USD pair. As a result, there was a sharp downside move and the price broke the $6,880 and $6,830 support levels. It moved into a bearish zone and even broke the $6,600 and $6,500 support levels. A low was formed near $6,393 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $7,157 high to $6,393 low. However, the most important resistance is near $6,700 and $6,770. It represents the 50% Fib retracement level of the last drop from the $7,157 high to $6,393 low.

Looking at the chart, BTC price is clearly in a bearish zone below $6,830. Any recoveries from the current levels are likely to face sellers near $6,700 and $6,770.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI is positioned in the oversold zone.

Major Support Level – $6,200

Major Resistance Level – $6,770

The post Bitcoin Price Watch: BTC/USD Tumbles, Sell On Rallies Near $6,770 appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68747.03 (-0.05%)
Объем 24H $41.397b
Изменеия 24h: -0.23 %, 7d: -3.52 %
Cегодня L: $66916.68 - H: $68910.37
Капитализация $1359.682b Rank 1
Цена в час новости $ 6527.78 (953.15%)

bitcoin near usd btc price declined pair

Источник: newsbtc.com

bitcoin near → Результатов: 126


Фото:

Exchanges Round-Up: CME Rejects Altcoins, Waves DEX Hacked on Launch

In recent news pertaining to cryptocurrency exchanges, the CEO of Chicago Mercantile Exchange (CME) has indicated that the company has no intentions of introducing derivative markets for alternative cryptocurrencies in the near futures; Waves’ decentralized exchange was hacked upon launch; and the founder Pakcoin has attributed Pakistan’s slow rate of cryptocurrency adoption to low literacy […] The post Exchanges Round-Up: CME Rejects Altcoins, Waves DEX Hacked on Launch appeared first on Bitcoin News.

2018-7-28 01:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival

Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.

Bitcoin Diamond Hands Still Unbroken: 30.7% Of Supply Dormant For 5+ Years

Data shows the Bitcoin diamond hands have continued to sit tight recently as almost a third of the supply hasn’t been moved in five years. Bitcoin Has A Notable Part Of Its Supply Dormant Since Over Five Years In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the most […]

Bitcoin Open Interest Is Shooting Up: Will Shorts Be Rekt This Time?

Data shows the Bitcoin Open Interest on exchanges has been heading up while the Funding Rate has turned negative recently. Bitcoin Open Interest Trend Suggests Speculators Are Back As pointed out by CryptoQuant community manager Maartunn in a new post on X, things appear to be heating up on the derivatives side of the market.

Bitcoin Difficulty Jumps 3% As Hashrate Slowly Recovers

On-chain data shows the Bitcoin mining difficulty has seen an increase in the latest adjustment, a consequence of the hashrate’s recovery. Bitcoin Mining Difficulty Has Seen A Positive 3% Adjustment Recently The “mining difficulty” refers to a feature built into the Bitcoin blockchain that controls how hard the miners would find it to mine on […]

Bitcoin Investors Have Turned Greedy Again: What Could Be Next For BTC?

Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]

These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals

An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.