RATE Group | Bitcoin Faces Drop To $8K Following Bearish Reversal Signal
81331
post-template-default,single,single-post,postid-81331,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Faces Drop To $8K Following Bearish Reversal Signal

01 Mar Bitcoin Faces Drop To $8K Following Bearish Reversal Signal

Posted at 05:44h in Bitcoin News by

[ad_1]

Bitcoin declined more than $1,500 in the past few days against the US Dollar. BTC is now facing a drop to $8,200 or $8,000 before a strong upward move in the coming days.

  • After forming a short term top, bitcoin price dived below $9,000 and $8,800.
  • The price is currently consolidating above $8,500, with a few bearish signals.
  • There is a key declining channel forming with resistance near $8,660 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct in the short term, but it remains vulnerable to a drop towards $8,000.

Bitcoin Could Dive Towards $8,000

This past week, bitcoin extended its decline below the $9,200 and $9,000 support levels against the US Dollar. BTC price even settled below $9,000 and the 100 simple moving average (4-hours).

It traded to a new weekly low at $8,441 and recently started consolidating losses. There was a minor upside correction above the $8,550 and $8,700 levels. Besides, there was a break above the 23.6% Fib retracement level…

[ad_2]

Source link

Tags:
, , , , , ,