mBitcasino Announces Support for FIAT Currencies

7m
coinidol

First Since 2017: Bitcoin Price Logs Double-Digit Gains for Third Week

17m
coindesk

T-Minus 1 Day Until SEC VanEck Decision: What Could Happen?

19m
cryptodaily

Google Suspends Business with Huawei After Trump Blacklisting

24m
cryptonewmedia

Blockchain Startups Transform Agriculture Projects in Italy

37m
coinidol

Bluzelle launches decentralized data delivery network

1h
cryptoninjas

Grayscale CEO on Recent Bull-Run, “This Time it’s Different”

1h
cryptodaily

Bitcoin hugs the $8000 mark after a mighty recovery on the weekend

1h
coininsider

Top 7 Cryptocurrency Lending Platforms in 2019

1h
nulltx

Bitconnect ‘2.0’ Claims Binance Listing for July Launch –

1h
cryptonewmedia

Bitcoin [BTC] enthusiasts discuss recent price surge, state of crypto-ecosystem |

1h
cryptonewmedia

Bitcoin Has Soared Above Intrinsic Value During Latest Rally, JPM…

1h
cryptonewmedia

Bytecoin Undergoes Long Awaited Hardfork

1h
cryptonewmedia

Facebook Registers New Fintech Company in Geneva

1h
cryptonewmedia

Bitcoin Airs on 60 Minutes; 'Bitcoin' Google Searches Hit 14-Month High; Binance Recaps Hack

1h
cryptoglobe

Crypto Confidence Rising As BTC Surpassed $8k

1h
cryptodaily

JP Morgan Confirms Bitcoin Price Surge Mimics 2017 Bull Run

1h
coingape

Bitcoin [BTC] proponent Antonopoulos says borderless censorship resistant form of identity is…

2h
cryptonewmedia

Tom Lee: Bitcoin’s Move Back to $8,000 Confirms The End of Crypto…

2h
cryptonewmedia

Bitconnect ‘2.0’ Claims Binance Listing for July Launch…

2h
cryptonewmedia

BTC/USD May Break Down $7,812 and Target $7,440

2h
cryptonewmedia

Binance Coin (BNB) Hits All-time High

2h
investinblockchain

Binance Coin (BNB) Hits All-time High

2h
investinblockchain

Mastercard Invests $1 Billion into India Fintech

2h
bitcoinnews

Ethereum-Based Stock Exchange Plans First Company Listing in June

2h
coindesk


Bitcoin (BTC) Price Correcting Gains: Key Supports Nearby

Bitcoin price traded further higher before it faced sellers near $8,370 against the US Dollar. BTC is currently correcting lower, but dips remain well supported above $7,800 and $7,600.

Yesterday, we discussed the chances of more gains in bitcoin price above $8,300 against the US Dollar. The BTC/USD pair did extend upsides above $8,280 and $8,300. The pair even traded to a new 2019 high near $8,370, but it failed to continue higher. As a result, the price started a fresh downside correction below the $8,300 and $8,280 support levels. The price even broke the $8,200 support, but stayed well above the 100 hourly simple moving average.

During the decline, there was a break below the 50% Fib retracement level of the upside from the $7,625 low to $8,370 high. Besides, the price traded below an ascending channel with support near $8,200 on the hourly chart. It opened the doors for more losses and the price spiked below $8,000. BTC price even traded below the 61.8% Fib retracement level of the upside from the $7,625 low to $8,370 high. However, the $7,800 level acted as a strong support. More importantly, this week’s followed bullish trend line could provide support at $7,800 on the hourly chart of the BTC/USD pair.

The pair tested the trend line and the 76.4% Fib retracement level of the upside from the $7,625 low to $8,370 high. It seems like the price remains well supported above $7,800. If there is a break below the trend line, the price may test the next support near the $7,650, $7,630 and $7,610 levels. Moreover, the 100 hourly SMA is also near the $7,650 level to act as strong support.

Looking at the chart, bitcoin price is clearly started a much needed downside correction from $8,370. Having said that, dips remain supported and the price is likely to finds strong bids near $7,800 or $7,600. Only a close below $7,600 and the 100 hourly SMA might start an extended downside correction.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD declined sharply below the 50 and 45 levels.

Major Support Levels – $7,800 followed by $7,600.

Major Resistance Levels – $8,000, $8,150 and $8,370.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments