RATE Group | Bitcoin (BTC) Diving, Can Bulls Protect $8.2K Support?
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Bitcoin (BTC) Diving, Can Bulls Protect $8.2K Support?

18 Nov Bitcoin (BTC) Diving, Can Bulls Protect $8.2K Support?

Posted at 13:46h in Bitcoin News by

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  • Bitcoin price is extending losses and it recently broke $8,375 support against the US Dollar.
  • The price is currently correcting, but upsides are likely to be capped by $8,500.
  • Morning’s key bearish trend line is active with resistance near $8,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Ethereum is still holding the $180 support area and ripple is trading in a range above $0.2520.

Bitcoin price is showing signs of more losses below $8,500 against the US Dollar. BTC could drop towards $8,200 before a decent increase in the near term.

Bitcoin Price Analysis

In morning, we saw a few bearish signs for bitcoin below the $8,660 and $8,700 resistances against the US Dollar. BTC failed to climb above the $8,700 resistance and extended its decline below $8,500.

Moreover, there was a break below the $8,400 and $8,375 support levels. Finally, the price traded to a new weekly and monthly low near $8,343, plus settled well below the 100 hourly simple moving average.

At the…

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