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    Home » BTC » Bitcoin Fails And Breaks Down March-12 Crucial Support. $8200 Incoming? BTC Price Analysis

    Bitcoin Fails And Breaks Down March-12 Crucial Support. $8200 Incoming? BTC Price Analysis

    Author: Yuval Gov

    Last Updated May 25, 2020 @ 07:05

    Over the past two days, Bitcoin was trading between the range of $9200 – $9300. As we mentioned here on our previous BTC price analysis, that area had transformed from being stronger support to being even stronger resistance.

    We mentioned the fact that a failure in breaking above the mentioned area will result in a further drop-down. As we noticed over yesterday, Bitcoin failed, broke down the critical blue ascending trend-line, as can be seen on the following daily chart. The primary crypto dropped to our mentioned support at $8650, which was yesterday’s low.

    If we look at the macro level, we can see the following triangle formation on the weekly chart, and the fact that Bitcoin failed to break the upper descending trend-line (around $10,000) as resistance and the week’s new candle is starting just below the lower descending trend-line.

    In case this weekly candle does not improve upwards, it will be a very bearish sign for Bitcoin’s mid-term.

    btc_may25_w-min
    BTC/USD weekly. Source: TradingView

    Total Market Cap: $246.7 billion

    Bitcoin Market Cap: $161.8 billion

    BTC Dominance Index: 65.6%

    *Data by CoinGecko

    Bitcoin Short-term Support and Resistance Key Levels

    Back to the micro-level.

    Bitcoin broke down the crucial resistance turned support area at $8800. This now becomes the first major resistance area, along with the $9000 benchmark. In case of a break-up, then the next significant resistance is the mentioned above $9200 – $9300 zone, which Bitcoin failed to break up during the last weekend.

    In case Bitcoin fails here, then today’s low around $8600 is the first level of support, followed by $8400 – $8450. Further below lies the 50-days moving average line ($8270), marked by pink line, along with horizontal support of $8000 – $8200 (May’s low).

    The Technicals and Trading Volume

    Together with the $9200 – $9300 zone, the RSI indicator ‘stopped’ exactly on the 50 line. This is gone now. The RSI, just like the price, is going through lower lows. The first sign of a possible bullish reversal would be to break above the 50 level.

    The Stochastic RSI oscillator is at its lowest oversold levels both on the 4-hour and the daily chart.

    Despite the price drop from yesterday, the trading volume of yesterday was not significant. However, this doesn’t mean that the Bears will not continue their sell-off.

    BTC/USD BitStamp 4-Hour Chart

    btc_may25_4h-min

    BTC/USD BitStamp 1-Day Chart

    btc_may25_d-min

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price
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    About The Author

    Yuval Gov
    More posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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