BTC / USD has had an incredibly bearish price movement in the past 10 hours, the scream The currency is losing its support below USD 8 800 and is starting a downward trend as the bears attempt to wipe out most of its recent BTC gains. At the time of writing, Bitcoin is trading above 0. 21% at its current price of USD 8 790, which is a remarkable drop from a daily high of USD 9; 200 and an intense drop from the weekly high of over $ 9,000.
However, the reason for the ongoing sell-off appears to be the rapid rejection of the cryptocurrency at $, after the short-term bearish scenario; The RSI signal line (10) is still below level 14 and the next support level for Bitcoin is $ 7,800, $ 7,600 and $ 7,400.
If the market can find support in the medium term between $ 9, $ 300- $ 8,400 area traders can then expect insane price growth on the dollar, and beyond. For the moment, there is a need for a clear cross above the 9-day and 000 – daily moving averages that can push the price towards the resistance levels of $, $ 27, and $, 400 before we see a bullish rise in the Can think about Bitcoin price.
BTC / USD medium-term trend: declining (4H chart)
On the 4-hour chart, the Bitcoin price changes hands below $ 8. for the first time since early February. If BTC / USD does not reverse and gain ground above the moving averages, sellers are likely to put more pressure and force the bulls towards USD 8 in a painful way , $ 8, 27 and $ 8, support levels.