Bears are increasing their momentum as the bearish candle is pushing Bitcoin price downward to $8,233. Without the interruption of the Bulls, BTC price may reach $8,233. In case the Bulls fail to defend the mentioned level the price may target $7,812.
Key Highlights:
- Bitcoin price broke down the $8,608 level;
- the Bears are taking over the BTC market gradually;
- the price may reach $8,233 level.
BTC/USD Medium-term Trend: Bearish
Resistance levels: $8,608 $9,007, $9,480
Support levels: $8,233, $7,812, $7,476
Bitcoin price is making an attempt to break down the 21-period EMA while the 50 periods EMA is at a distance to the 21 periods EMA. The Relative Strength Index period 14 is at 50 levels with the signal line pointing down to indicates sell signal.
The Bears are increasing their momentum as the bearish candle that penetrated the $8,608 level is pushing Bitcoin price downward towards $8,233 level. Without the interruption of the Bulls, the price may reach the $8,233 level. In case the Bulls do not defend just mentioned level BTC may target $7,812 level.
BTC/USD Short-term Trend: Bearish
The coin has crossed the two EMAs downside on 1-hour chart and the price is trading below the 21 periods EMA and 50 periods EMA. The Relative Strength Index period 14 is at 30 levels and the signal line pointing up to indicate buy signal but this may be a pullback.
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