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{"id":417340,"date":"2020-03-08T05:48:03","date_gmt":"2020-03-08T05:48:03","guid":{"rendered":"https:\/\/ktsl888.com\/?p=417340"},"modified":"2024-06-11T13:43:03","modified_gmt":"2024-06-11T13:43:03","slug":"bitcoin-just-reversed-and-8400-is-imminent","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-just-reversed-and-8400-is-imminent\/","title":{"rendered":"Bitcoin Just Reversed and $8,400 Is Imminent, Here’s Why"},"content":{"rendered":"

Bitcoin failed to continue above the $9,200 resistance and it is down more than 4% against the US Dollar. BTC is now trading in a bearish zone and it could slide further below $8,700.<\/em><\/p>\n

\n
After forming a short term top near $9,211, bitcoin price declined sharply below $8,880.<\/li>\n
The price is now trading well below $9,000 and the 100 simple moving average (4-hours).<\/li>\n
There is a crucial bearish trend line forming with resistance near $9,122 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to extend its decline below the $8,700 and $8,600 levels in the near term.<\/li>\n<\/ul>\n
Bitcoin Turns Bearish Again<\/h2>\n
This past week, bitcoin started a steady rise<\/a> above the $8,700 and $8,880 resistance levels against the US Dollar. BTC price gained traction and it even managed to climb above the key $9,000 resistance.<\/p>\n
However, the bulls faced a strong resistance near the $9,200 area and the 100 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $9,122 on the 4-hours chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
It seems like bitcoin failed to clear the trend line, $9,200, and the 100 SMA. As a result, there was a sharp decline below the $9,000 support level. The price is down around 4% and it even declined below the 50% Fib retracement level of the upward move from the $8,402 low to $9,212 high.<\/p>\n
It is now trading below the $8,800 level and testing the 61.8% Fib retracement level of the upward move from the $8,402 low to $9,212 high.<\/p>\n
If the bulls fail to protect the $8,700 support level<\/a>, there is a risk of another decline. An initial support is near the $8,600 level, below which there is a risk of a drop towards the $8,400 support area.<\/p>\n
Upside Correction<\/h2>\n
If the $8,700 support remains intact, bitcoin price might correct higher above $8,800. An initial resistance on the upside is near the $8,950 level, above which the bulls could aim a break above the trend line.<\/p>\n
If there is a clear break above the trend line and the $9,200 resistance, the price might start a strong rally towards the $9,500 and $9,800 levels in the near term. Overall, the trend is now negative and the price might slide further towards $8,400.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is now gaining pace in the bearish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n
Major Support Level \u2013 $8,800<\/p>\n
Major Resistance Level \u2013 $9,200<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin failed to continue above the $9,200 resistance and it is down more than 4% against the US Dollar. BTC is now trading in a bearish zone and it could slide further below $8,700. After forming a short term top near $9,211, bitcoin price declined sharply below $8,880. The price is now trading well below $9,000 and the 100 simple moving average (4-hours). There is a crucial bearish trend line forming with resistance near $9,122 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to extend its decline below the $8,700 and $8,600 levels in the near term. Bitcoin Turns Bearish Again This past week, bitcoin started a steady rise above the $8,700 and $8,880 resistance levels against the US Dollar. BTC price gained traction and it even managed to climb above the key $9,000 resistance. However, the bulls faced a strong resistance near the $9,200 area and the 100 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $9,122 on the 4-hours chart of the BTC\/USD pair. It seems like bitcoin failed to clear the trend line, $9,200, and the 100 SMA. As a result, there was a sharp decline below the $9,000 support level. The price is down around 4% and it even declined below the 50% Fib retracement level of the upward move from the $8,402 low to $9,212 high. It is now trading below the $8,800 level and testing the 61.8% Fib retracement level of the upward move from the $8,402 low to $9,212 high. If the bulls fail to protect the $8,700 support level, there is a risk of another decline. An initial support is near the $8,600 level, below which there is a risk of a drop towards the $8,400 support area. Upside Correction If the $8,700 support remains intact, bitcoin price might correct higher above $8,800. An initial resistance on the upside is near the $8,950 level, above which the bulls could aim a break above the trend line. If there is a clear break above the trend line and the $9,200 resistance, the price might start a strong rally towards the $9,500 and $9,800 levels in the near term. Overall, the trend is now negative and the price might slide further towards $8,400. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is now gaining pace in the bearish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Level \u2013 $8,800 Major Resistance Level \u2013 $9,200<\/p>\n","protected":false},"author":67,"featured_media":417342,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119],"class_list":["post-417340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nBitcoin Just Reversed and $8,400 Is Imminent, Here's Why<\/title>\n<meta name=\"description\" content=\"Bitcoin failed to continue above the $9,200 resistance and it is down more than 4%. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/ktsl888.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Just Reversed and $8,400 Is Imminent, Here’s Why","url":"http:\/\/ktsl888.com\/news\/bitcoin-just-reversed-and-8400-is-imminent\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-just-reversed-and-8400-is-imminent\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/shutterstock_451002544.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/shutterstock_451002544.jpg?fit=1000%2C974"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2020-03-08T05:48:03Z","datePublished":"2020-03-08T05:48:03Z","dateModified":"2024-06-11T13:43:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Just Reversed and $8,400 Is Imminent, Here’s Why\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-just-reversed-and-8400-is-imminent\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-just-reversed-and-8400-is-imminent\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_451002544.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_451002544.jpg?fit=1000%2C974\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2020-03-08T05:48:03Z\",\"datePublished\":\"2020-03-08T05:48:03Z\",\"dateModified\":\"2024-06-11T13:43:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/shutterstock_451002544.jpg?fit=1000%2C974","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/417340"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=417340"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/417340\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/417342"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=417340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=417340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=417340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}