2018-7-31 16:30 |
Bitcoin has made the return back under the $8000 point and is trading near its key support level of $7850. It has tested this level multiple times over the past few days making it more likely to break through on every test. Today’s candle opened around the $8200 and is currently forming a Marubozu candle showing strong downward momentum. A Marubozu is where the body of the candle is large with little or no wicks showing strong movement in one direction.
During yesterday’s price action, a brief drop was also seen close to the $7850 level, but the price quickly recovered back above $8000. The strong recovery yesterday is a bullish sign, but it failed to follow up today. The upper level of the range Bitcoin has been trading in is $8300, but it looks more likely to break significantly to the downside currently. The MACD also looks set to crossover its signal line to the downside, a further bearish signal.
Bitcoin Daily ChartThe last eight hours of drops have been on significant volume with two consecutive Marubozu candles formed. After the quick recovery yesterday, price failed to rise much further. The 4hr 100EMA is currently trading near the $7700 market which could act as the next support level.
Bitcoin 4hr ChartThe hourly chart provides a closer look and paints a more bearish picture for investors. The latest drop has been on the greatest volume of them all and looks like it has further to go. Price action did slow down as it approached the key support level but has managed to close below. The next few hours will reveal whether it can close below on higher time frames or whether the buyers will step back in to bring the price back above this support level.
Bitcoin 1hr Chart Key Takeaways: Price has closed below key $7850 support level on the hourly but not yet on the higher time frames. Recovery yesterday, after the price dropped below $8000, was a bullish sign but the follow up failed today. A lot of bearish signs with Marubozu candles forming, large amounts of volume and MACD signals all pointing toward downward movement. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Breaking Price News: Bitcoin [BTC] Below Key Level was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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