Bitcoin price is showing signs of further declines below $8,000 and the bears will likely test the $7,500 or $7,200 level in the Short-term.
Last week, the price of Bitcoin (BTC) was in a bearish trend and still trading below the 12-day and 26-day Exponential Moving Averages (EMAs). The bulls tested the $8,400 resistance level but were resisted. As a result, Bitcoin price plummeted below the $8,000 support level. The bears broke the $7,700 level and traded to a new monthly low at $7,661.
The BTC price is trading at $7,870 as at the time of writing. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $8,000 price level. On the downside, Bitcoin price will drop towards $7,600 or $7,500 levels if the bulls fail to break the resistance level.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, BTCUSD price is in a bearish trend. The crypto’s price is falling and is struggling below the $8,000 resistance level. The pair will likely continue the downtrend as there is a key bearish trend line forming with resistance near $8,050 level. Nevertheless, the price of BTCUSD is expected to rise once it completes the current wave.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
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.
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