The Bitcoin price is down below $8,000, and the BTCUSD pair continues to face a steep decline towards the $7,000.50 weekly target.
Medium-Term Analysis Bitcoin Prices
The price of Bitcoin(BTC) fell to $8,500 last week. This led to a bearish trend. To enter a bearish tendency zone, the bears broke through the $8,300 support level and $8,200 resistance levels. The bearish pressure intensified on September 6th when Bitcoin prices fell below the $8,000 support level to make a new weekly low at $7,770.
Bitcoin prices are trading below the 9 and 21-day Moving Averages ( ) at $7.947 at the time this article was written.
If there are more buyers, crypto’s prices will rise, and it will retest the $8,000 level. If the downside momentum continues to build, $7,500 will be the next target for bears.
The Moving Averages Divergence Divergence ( ) and signal lines are both below the zero line, which signals a sell signal.
BTCUSD Short-term Analysis
The 1-hour chart shows that BTCUSD is trading below $8,000 and in a bearish pattern. If the price of crypto fails to rise, we could see further declines below the $7750 and $7650 support levels. If buyers are able to strengthen and power the market traders may face resistance at $8,000 or $8.050 levels.
BTC’s price is currently facing resistance at $7,990. The MACD and signal lines are both above the zero line, which indicate a buy signal.
Resistance Levels: $7.990, $8,000 $8.050
Support levels: $7,770, $7,750, $7,500
Arathur Stephen has not been registered with any state or federal regulatory agency as an investment advisor. This information should not be considered investment or trading advice. It is not intended to solicit or recommend any cryptocurrency purchase, sale, or holding. This information is provided solely for educational and informational purposes. Before you make any investments, always seek the advice and supervision of a licensed professional.