RATE Group | Bitcoin (BTC) Price Primed For Breakdown Below $8K
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Bitcoin (BTC) Price Primed For Breakdown Below $8K

20 Nov Bitcoin (BTC) Price Primed For Breakdown Below $8K

Posted at 06:37h in Bitcoin News by

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  • Bitcoin price is extending its decline below the $8,250 resistance area against the US Dollar.
  • The price is likely to decline below the $8,000 and $7,800 support levels in the near term.
  • There is a major bearish trend line forming with resistance near $8,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There are many bearish signs on the chart, suggesting a drop below $8,000.

Bitcoin price is facing an uphill task near $8,200 and $8,400 against the US Dollar. Therefore, BTC is likely to decline further below the $8,000 support area.

Bitcoin Price Analysis

This week, there were further losses in bitcoin below the $8,200 support area against the US Dollar. BTC extended its decline below the 100 hourly simple moving average and even tested the $8,000 support area.

A new monthly low was formed near $7,987 and the price is currently correcting higher. It traded above the $8,100 level and tested the $8,150 resistance area.

Furthermore, the price tested the 23.6% Fib…

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