A Bitcoin Plunge To $8,000 On The Horizon, As Bulls Show Weak Hands

Bitcoin price failed to stay above the key $8,500 support area and extended its decline against the US Dollar. BTC price is likely to continue lower towards $8,000 or $7,880.

EOS Hit Worse as Bitcoin, Altcoins Take a Bearish Beating
Thursday February 20, 2020

EOS was among the worst-hit top cryptocurrencies this Thursday as bitcoin and altcoin market fell in tandem. The eighth-largest blockchain asset fell by circa 12 percent to $3.99, according to CMC’s 24-hour adjusted timeframe....

The post EOS Hit Worse as Bitcoin, Altcoins Take a Bearish Beating appeared first on 12bitplay - Bitcoin Play.

Bitcoin started a strong corrective decrease from the $9,200 resistance area.
The price broke the key $8,500 and $8,470 support levels to move further into a bearish zone.
Yesterday’s highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to extend its decline towards the $8,000 support level in the near term.

Ripple (XRP) Recovery Facing Key Hurdles: Can Bulls Outsmart Bears?
Wednesday February 19, 2020

Ripple started an upside above the $0.2850 resistance area against the US Dollar. However, XRP price is still facing a couple of key hurdles near $0.3000 and $0.3080. Ripple price is currently correcting higher...

The post Ripple (XRP) Recovery Facing Key Hurdles: Can Bulls Outsmart Bears? appeared first on 12bitplay - Bitcoin Play.

Bitcoin Price Is Facing Hurdles
Yesterday, we discussed the importance of the $8,500 and $8,470 support levels for bitcoin against the US Dollar. BTC price failed to stay in the bullish zone and recently declined below $8,470.
Moreover, there was a close below $8,500 and the 100 hourly simple moving average. As a result, there was a downside extension and the price traded below $8,300.
A new weekly low is formed near $8,263 and the price is currently consolidating losses. An initial resistance for the bulls is near the $8,380 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.
The first major resistance on the upside is near the $8,470 level (the recent breakdown level). Additionally, yesterday’s highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair.
Bitcoin Price
The next key resistance is near $8,500 and $8,520. It coincides with the 50% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.
Therefore, bitcoin price must settle above $8,470 and $8,520 to move back into a positive zone. In the mentioned case, it could revisit the $8,800 resistance area.
BTC Could Revisit $8,000
If BTC price continues to slide, it could struggle to stay above the $8,200 support area. In the mentioned case, there are high chances of it hitting the $8,000 support level in the near term.
Overall, bitcoin is showing a few bearish signs and it seems an interim top is formed near $9,200. The next set of bearish targets could be $8,000 or $7,800, below which the bears might even aim $7,200.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level, with bearish signs.
Major Support Levels – $8,200 followed by $8,000.
Major Resistance Levels – $8,470, $8,500 and $8,520. The post appeared first on NewsBTC.

Here’s Why the Aftermath of Bitcoin’s Insane Plunge Isn’t as Bearish as it Seems
Thursday February 20, 2020

This afternoon, investors bore witness to an insane Bitcoin (BTC) flash crash that sent the cryptocurrency reeling from the lower-$10,000 region to lows of $9,200, which is where it was able to find some...

The post Here’s Why the Aftermath of Bitcoin’s Insane Plunge Isn’t as Bearish as it Seems appeared first on 12bitplay - Bitcoin Play.

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