Bitcoin (BTC) Price Bearish Breakdown Looks Real, $7,500 Next?

Bitcoin price is back in a downtrend with a close below the $8,000 support against the US Dollar.
The price is trading below the $8,000 support and remains at a risk of more losses below $7,800.
Yesterday’s highlighted major declining channel was breached with support near $8,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could correct in the short term, but the $8,020 and $8,100 resistances are likely to prevent gains.

Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K
Tuesday November 12, 2019

Bitcoin price is declining and it is now trading below the $8,800 level against the US Dollar. The price is trading with a bearish angle and it is likely to tumble below $8,600 and...

The post Bitcoin (BTC) Price Primed To Extend Losses Below $8.5K appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is declining and trading below key supports against the US Dollar. BTC is likely to extend its decline below the $7,800 support area in the near term.
Bitcoin Price Analysis
Yesterday, we saw bearish signs for bitcoin below the $8,250 support area against the US Dollar. BTC price gained bearish momentum and broke a couple of important supports near the $8,100 level and the 100 hourly simple moving average. Moreover, the price broke a crucial support area near the $8,020 and $8,000 levels to move into a bearish zone and start another decline.
Additionally, yesterday’s highlighted major declining channel was breached with support near $8,100 on the hourly chart of the BTC/USD pair. The pair traded below $7,950 and formed a new weekly low near $7,915. It is currently consolidating gains below the $8,000 resistance area. An immediate resistance is near the $8,000 and $8,020 levels. Moreover, the 23.6% Fib retracement level of the recent drop from the $8,385 high to $7,915 low is also near the $8,020 resistance.
If there is an upside correction above $8,020, bitcoin could recover towards the $8,100 resistance area (the previous support). Above $8,100, the next major resistance is near the $8,150 level. It represents the 50% Fib retracement level of the recent drop from the $8,385 high to $7,915 low. However, the price must move above the $8,250 resistance and the 100 hourly SMA to start a decent upward move.
On the downside, an initial support is near the $7,915 low. Besides, the first key support is near the $7,800 level. If there is a downside break below the $7,800 support, the price could extend its decline towards the key $7,600 and $7,500 support levels.

Bitcoin Price Falls to $8,000 as Bulls Fail to Step in
Monday November 18, 2019

Sorry bulls, the Bitcoin (BTC) ball is in the court of bears yet again. As of the time of writing this article, the leading cryptocurrency’s price has just tumbled to just above $8,000, nearly...

The post Bitcoin Price Falls to $8,000 as Bulls Fail to Step in appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin is now trading in a downtrend and the recent breakdown below $8,000 is likely to gain momentum. Therefore, it seems like the price might head towards the $7,800 and $7,500 support levels in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is about to move back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining and is well below the 40 level.
Major Support Levels – $7,800 followed by $7,500.
Major Resistance Levels – $8,020, $8,100 and $8,150.
The post Bitcoin (BTC) Price Bearish Breakdown Looks Real, $7,500 Next? appeared first on NewsBTC.

Canadian Bank Changes Bitcoin Tune, May Launch Cryptocurrency Exchange
Tuesday November 12, 2019

The Royal Bank of Canada (RBC) is exploring building a cryptocurrency trading platform for both investments and in-store/online purchases. This move would make the bank — the largest in Canada by market capitalization, with...

The post Canadian Bank Changes Bitcoin Tune, May Launch Cryptocurrency Exchange appeared first on 12bitplay - Bitcoin Play.

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