RATE Group | Bitcoin Plunge To $8,200 Seems Likely, As Technical Indicators Turn Red
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Bitcoin Plunge To $8,200 Seems Likely, As Technical Indicators Turn Red

27 May Bitcoin Plunge To $8,200 Seems Likely, As Technical Indicators Turn Red

Posted at 10:46h in Bitcoin News by

Bitcoin is trading in a bearish zone below $9,000 against the US Dollar. BTC price is likely to accelerate lower if it breaks the $8,680 and $8,600 support levels.

  • Bitcoin is declining and trading well below the key $9,100 pivot level.
  • The price is likely to continue lower towards the $8,400 and $8,200 support levels.
  • There is a major bearish trend line forming with resistance near $8,910 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could only avoid losses if it gains bullish momentum above $9,000 and $9,100.

Bitcoin Turns Red

Bitcoin price remained well bid above the $8,680 support and recently corrected higher against the US Dollar. BTC price climbed above the $8,800 resistance level, but it stayed well below the 100 hourly simple moving average.

The upward move was capped by the $9,000 resistance zone. It seems like the price failed to surpass the 50% Fib retracement level of the key decline from the $9,305 swing high to $8,645 swing low.

More importantly,…

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