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Bitcoin is down close to 10% and it broke the key $8,000 support against the US Dollar. BTC price is now vulnerable, but the $7,500 support area could spark a decent recovery in the near term.<\/em><\/p>\n

\n
Bitcoin is declining heavily below the $8,200 and $8,000 support levels against the US Dollar.<\/li>\n
The price broke many key supports, including the 100-day SMA.<\/li>\n
There was a break below a major bullish trend line with support at $8,670 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The next major support on the downside is near the $7,500 area, where the bulls are likely to appear.<\/li>\n<\/ul>\n
Bitcoin Price Dives 10%<\/h2>\n
In yesterday\u2019s weekly forecast, we discussed a breakdown pattern in bitcoin and the chances of it hitting the $8,400 level<\/a>. BTC price not only tested the $8,400 level, but it dived sharply below the $8,200 support.<\/p>\n
The daily chart<\/a> suggests that the price broke many important supports, starting with $9,000 and $8,800. The first major support was near the $8,750 level and a major bullish trend line.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
The next key support was near the 50% Fib retracement level of the main upward move from the $6,442 low to $10,560 high. More importantly, bitcoin price traded below the $8,200 support area<\/a> (the previous breakout zone) and the 100-day simple moving average.<\/p>\n
The price is now trading well below the 61.8% Fib retracement level of the main upward move from the $6,442 low to $10,560 high. These are strong bearish signs, suggesting chances of more losses below the $7,800 level.<\/p>\n
An immediate support is near the $7,500 level (a multi-touch zone), where the bulls are likely to take a stand. If they fail to defend $7,500 and $7,400, the next stop could be $6,500 in the coming days.<\/p>\n
What are the Chances of a Recovery?<\/h2>\n
The current price action suggests bitcoin is under a lot of selling pressure below $8,200 and $8,000. However, the $7,500 support area could be a savior.<\/p>\n
If the price finds a strong buying interest near the $7,500 area, it could start a decent recovery. On the upside, an initial resistance is near the $8,280 level. The main resistance area is near $8,400 and the 100-day SMA, above which the bulls are likely to aim a test of the $9,000 level.<\/p>\n
Technical indicators:<\/p>\n
Daily MACD \u2013 The MACD is showing a few contra bullish signs.<\/p>\n
Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level.<\/p>\n
Major Support Levels \u2013 $7,500 followed by $7,400.<\/p>\n
Major Resistance Levels \u2013 $8,200, $8,400 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is down close to 10% and it broke the key $8,000 support against the US Dollar. BTC price is now vulnerable, but the $7,500 support area could spark a decent recovery in the near term. Bitcoin is declining heavily below the $8,200 and $8,000 support levels against the US Dollar. The price broke many key supports, including the 100-day SMA. There was a break below a major bullish trend line with support at $8,670 on the daily chart of the BTC\/USD pair (data feed from Kraken). The next major support on the downside is near the $7,500 area, where the bulls are likely to appear. Bitcoin Price Dives 10% In yesterday\u2019s weekly forecast, we discussed a breakdown pattern in bitcoin and the chances of it hitting the $8,400 level. BTC price not only tested the $8,400 level, but it dived sharply below the $8,200 support. The daily chart suggests that the price broke many important supports, starting with $9,000 and $8,800. The first major support was near the $8,750 level and a major bullish trend line. The next key support was near the 50% Fib retracement level of the main upward move from the $6,442 low to $10,560 high. More importantly, bitcoin price traded below the $8,200 support area (the previous breakout zone) and the 100-day simple moving average. The price is now trading well below the 61.8% Fib retracement level of the main upward move from the $6,442 low to $10,560 high. These are strong bearish signs, suggesting chances of more losses below the $7,800 level. An immediate support is near the $7,500 level (a multi-touch zone), where the bulls are likely to take a stand. If they fail to defend $7,500 and $7,400, the next stop could be $6,500 in the coming days. What are the Chances of a Recovery? The current price action suggests bitcoin is under a lot of selling pressure below $8,200 and $8,000. However, the $7,500 support area could be a savior. If the price finds a strong buying interest near the $7,500 area, it could start a decent recovery. On the upside, an initial resistance is near the $8,280 level. The main resistance area is near $8,400 and the 100-day SMA, above which the bulls are likely to aim a test of the $9,000 level. Technical indicators: Daily MACD \u2013 The MACD is showing a few contra bullish signs. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level. Major Support Levels \u2013 $7,500 followed by $7,400. Major Resistance Levels \u2013 $8,200, $8,400 and $8,500.<\/p>\n","protected":false},"author":67,"featured_media":417446,"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-417444","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 Broke $8K: Here Are Important Supports Traders Must Watch<\/title>\n<meta name=\"description\" content=\"Bitcoin is down close to 10% and it broke the key $8,000 support. 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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 Broke $8K: Here Are Important Supports Traders Must Watch","url":"http:\/\/ktsl888.com\/news\/bitcoin-just-broke-8k-here-are-important-supports\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-just-broke-8k-here-are-important-supports\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/shutterstock_1610297188.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/shutterstock_1610297188.jpg?fit=1000%2C556"},"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":"2020-03-09T05:08:34Z","datePublished":"2020-03-09T05:08:34Z","dateModified":"2024-06-11T13:43:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Just Broke $8K: Here Are Important Supports Traders Must Watch\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-just-broke-8k-here-are-important-supports\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-just-broke-8k-here-are-important-supports\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_1610297188.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_1610297188.jpg?fit=1000%2C556\"},\"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\":\"2020-03-09T05:08:34Z\",\"datePublished\":\"2020-03-09T05:08:34Z\",\"dateModified\":\"2024-06-11T13:43:05Z\"}<\/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_1610297188.jpg?fit=1000%2C556","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/417444"}],"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=417444"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/417444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/417446"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=417444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=417444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=417444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}