The Price of Bitcoin In Sharp Downtrend

News / 10.01.2020

The price of BTC/USD returned to the downside following the failure to surge over the hurdle at $8,500. At the moment, it is moving towards an important support close to $7,750 and $7,600.

In recent times, sellers have taken charge and initiated a push under $8,000. Further, the price was able to settle under the $8,000 level and the 100 hourly SMA. A look at the hourly chart of BTC against the USD shows that while the price was declining, it broke under a major bullish trend line with support close to $8,000.

At the moment, the pair is close to a remarkably bullish zone between $7,600 and $7,750. The next support is close to $7,750. The eventual major support is close to $7,600 zone. Critical buying areas are between $7,750 and $7,600. Hence, the price could experience a new rally over the hurdle at $8,000.

The first hurdle is close to $7,900 and a short term declining channel is being formed with hurdles close to $7,880 support. If the price surges over the hurdles at $7,900 and $8,000, it may establish the pace for a modest rally. The immediate major hurdles are close to $8,180 and $8,300.

The price could experience a downside break under the support at $7,600. Nevertheless, the ability of the sellers to successfully take the price under the support could begin a steady downtrend and bring about an extension towards $7,300 and $7,100.

It seems the price is losing its selling momentum under $8,000. However, the $7,750 and $7,600 supports are critical. Generally, prices may experience a sharp surge over $8,000 or decline under $7,750 and $7,600.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.