Bitcoin (BTC) Price Accelerating Losses Below $8K, $7.5K Very Likely

Bitcoin price corrected higher, but it faced hurdles near $8,120 and $8,140 against the US Dollar.
The price is declining again and it could gain momentum below the $8,000 support.
There is a major bearish trend line forming with resistance near $8,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is likely to remain in a bearish zone unless the bulls push it above $8,120 and $8,240.

Bitcoin (BTC) Price Weekly Forecast: More Downsides Likely
Sunday November 10, 2019

After consolidating above $9,000, bitcoin declined heavily against the US Dollar. The price is currently trading in a bearish zone, with a close below $9,000 and $8,920. There was a break below a major...

The post Bitcoin (BTC) Price Weekly Forecast: More Downsides Likely appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is struggling to rebound above $8,100 against the US Dollar. Therefore, BTC is likely to resume its decline below $8,000 and $7,900 in the near term.
Bitcoin Price Analysis
Yesterday, there was a downside extension in bitcoin below the $8,000 support area against the US Dollar. BTC price traded to a new monthly low at $7,915 and settled below the 100 hourly simple moving average. Recently, there was an upside correction above the $8,000 level. Moreover, the price recovered above the $8,020 level, plus the 23.6% Fib retracement level of the last decline from the $8,386 high to $7,915 low.
However, the upward move was capped by the $8,100 and $8,120 resistance levels. Besides, the price failed to test the 50% Fib retracement level of the last decline from the $8,386 high to $7,915 low. As a result, there was a fresh decline below $8,020. The price is now accelerating declines below the $8,000 level. It even broke the last swing low at $7,915 and traded to a new monthly low near $7,850.
It seems like there was a strong bearish reaction below $8,000. The next key support is near the $7,800 level. If there are more downsides, bitcoin price could accelerate losses towards the $7,600 and $7,500 levels in the near term. An intermediate support is near the $7,720 level.
On the upside, the $8,000 and $8,020 levels are likely to act as hurdles for the bulls. The main resistance is near the $8,120 level and the 100 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near $8,240 on the hourly chart of the BTC/USD pair.

Could Cash Restrictions in Malaysia Boost Crypto Usage
Tuesday November 12, 2019

Malaysia has joined a growing list of nations imposing capital controls on their people. Economic and geopolitical tensions are forcing governments to restrict the flow of money across their borders. As this is practically...

The post Could Cash Restrictions in Malaysia Boost Crypto Usage appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin is clearly under a lot of pressure below $8,120 and $8,000. As long as there is no close above $8,120 and $8,240, there are chances of more downsides. The main target for the bearish in the coming sessions could be near the $7,600 and $7,500 levels.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining sharply and is well below the 40 level.
Major Support Levels – $7,800 followed by $7,500.
Major Resistance Levels – $8,020, $8,120 and $8,150.
The post Bitcoin (BTC) Price Accelerating Losses Below $8K, $7.5K Very Likely appeared first on NewsBTC.

Ethereum (ETH) Holding Key Support But For How Long?
Wednesday November 13, 2019

Ethereum price is trading nicely above the key $182 and $180 support levels against the US Dollar. The price is currently facing many resistances such as $187, $188 and $190. Recently, there was a...

The post Ethereum (ETH) Holding Key Support But For How Long? appeared first on 12bitplay - Bitcoin Play.

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