Bitcoin Plunges (Again) Below $8,000: New Lows Or Bull Clue?

Тема в разделе "English", создана пользователем Trading Ideas, 6 окт 2019.

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    Bitcoin Plunges (Again) Below $8,000: New Lows Or Bull Clue?
    Bitcoin / TetherUS BINANCE:BTCUSDT
    Hey Bitcoin Bugs!

    The past days had been boring for the crypto traders, whereas the price of Bitcoin is ‘stuck’ between a tight range of $8,000 to $8,400.
    However, Bitcoin just plunged below $8K one more time, marking $7920 as the current daily low.
    What does it mean? Is Bitcoin finally leaving the significant $8K support area searching for new lows?

    By looking at the declining daily volume candles, together with the steady but stable recent Bitcoin price action, we can assume that a stronger move will be coming up shortly.
    In my opinion, any breakout at the broader range of $8400 from above and $7700 from below, will signal the direction of Bitcoin’s next major move.

    Divergence in RSI might turn bullish
    Another thing to note is the bullish divergence in the daily RSI .
    While the price of Bitcoin is moving down, a slight positive ascending uptrend of higher lows is spotted in the RSI , the momentum indicator .
    This kind of divergence might turn to be a bullish sign, that indicates on quiet accumulation.
    To my opinion, till Bitcoin breaks up the 200-days moving average line, it will be hard to see the bulls back in the market.

    Key Levels to Watch!

    I. Support/Resistance:
    As of writing this, Bitcoin is struggling to maintain the $8000 support level .
    If Bitcoin fails to do so, then the next support levels are likely to be $7,900 and $7,700 along with the lower descending trend-line of the marked price channel on the 4-hour chart.
    $7700 is also the lowest price of Bitcoin since the parabolic move to $13,880 (2019 high).
    So far, $7,700 has held twice; can it hold for the third time?

    In case of a breakdown, then $7500 is the next support, whereas the $7200 could be a possible target.
    This level contains a historic Golden Fibonacci retracement level (61.8%) from Bitcoin’s all-time high.

    From above, maintaining the $8K level, could send Bitcoin to retest old support turned resistance levels at $8200 (the 4-hour MA-50 marked in purple) and $8400.
    Further above is the significant 200-days moving average line (marked light green on the following daily chart ), which currently lies around $8550.

    Stay ahead of the masses,

    Seth Maniscalco
    Founder, Crypto Wealth Coach LLC
    Owner, Modern Wealth Management, LP
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