ICOCalendar.Today

  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍
  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍

Bitcoin Eyes Last Line of Defense But Can Bulls Save This Crucial Support?

3/11/2020

Comments

 
Bitcoin is declining and trading below the key $7,800 support against the US Dollar. BTC price could soon test the main $7,400-$7,500 support area where the bulls might take a stand. Bitcoin is extending losses and it may even slide below the $7,600 area against the US Dollar. The bulls are likely to take a strong stand near the $7,500 and $7,400 support levels. There is a major declining channel forming with support near $7,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains at a risk of a massive drop if it fails to stay above the $7,400 support. Bitcoin is Approaching Major Support After testing the $7,600 area, bitcoin price corrected a few points against the US Dollar. BTC price traded above the $7,800 level, but it stayed well below the 100 hourly simple moving average. It seems like the price fails to gain strength above the $8,000 level. A swing high is formed near $7,988 and the price is currently declining. There was a break below the $7,800 support level to start a fresh decline. Moreover, the price broke the 61.8% Fib retracement level of the recent wave from the $7,578 low to $7,988 high. It opened the doors for more losses below $7,700. Bitcoin is now trading near the $7,600 level and approaching the last low at $7,578. There is also a major declining channel forming with support near $7,550 on the hourly chart of the BTC/USD pair. If the pair fails to stay above the channel support and $7,578, there is a risk of a downside thrust in the near term. Bitcoin Price On the downside, there are a few important supports near the $7,500 and $7,400 levels (as discussed in one of the previous analyses using the daily chart). If BTC fails to stay above the $7,400 support, there is a risk of a sharp decline towards the $7,000 level. Fresh Recovery If bitcoin finds a solid buying interest near $7,500 or $7,400, it may perhaps start a fresh recovery in the coming sessions. An initial resistance on the upside is near the $7,800 level. To move into a positive zone, the price must surpass the $8,000 resistance area. In the mentioned case, there are chances of a decent comeback towards the $8,400 and $8,500 levels. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining towards the 25 level. Major Support Levels – $7,500 followed by $7,400. Major Resistance Levels – $7,800, $8,000 and $8,200.

Via https://www.newsbtc.com/2020/03/12/bitcoin-eyes-last-line-of-defense/
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.