Bitcoin price analysis shows that coin has declined heavily below the $8,200 and $8,000 support levels. Will BTC recover amid the Coronavirus fears?
Bitcoin Price Medium-term Trend
Yesterday, March 8, the price of Bitcoin (BTC) nosedived, losing more than $900. BTC price not only tested the $8,400 level, but it dropped sharply below the $8,200 support. Fortunately, the bulls defended the $8,000 support level and a reversal started.
However, at the time of writing this Bitcoin price analysis, BTCUSD is exchanging hands near the $7,900 after failing to break above the resistance at $8,200. However, more losses are likely to continue in the medium term as the price is below the support at $8,000.
On the upside, if more buyers emerge, the crypto’s price will rise towards the $8,200 and $8,500 resistance level. On the downside, if support at $8,000 was to give in, Bitcoin price is likely to decline and test lows at $7,200 or even $7,000; a move likely to create fresh demand for BTC and force a recovery towards $9,000.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Price Short-term Trend
On the 1-hour chart, BTCUSD price is currently under a lot of selling pressure below the $8,200. However, the $7,500 support area could be a savior. If the price finds a strong buying interest near the $7,400 area, it could start a decent recovery.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $8,200, $8,400, $9,000
- Support levels: $8,000, $7,500, $7,000
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.