[2018-03-26] Trapped Below $9K, Bitcoin Risks Downside Break

[JPage]

Bitcoin (BTC) has been trading sideways in a narrow range over the last week, but a drop toward $8,000 may be on the way, the technical studies indicate.

As of writing, BTC is changing hands at $8,346 on Bitfinex. Meanwhile, CoinDesk's Bitcoin Price Index (BPI), which represents the average of BTC prices on the world's leading exchanges, is seen at $8,306 - little changed from the previous day's close (as per UTC) of $8,380.

The cryptocurrency peeped above the $9,000 mark on March 20, according to Bitfinex data, but resistance at $9,200 has proved a tough nut to crack. Meanwhile, bearish chart signals suggest a drop in prices is likely, though the 4-hour 50-MA has likely capped the downside around $8,200.

https://www.coindesk.com/trapped-below-9k-bitcoin-risks-downside-break/

[Slow death]

bearish chart signals suggest a drop in prices is likely, though the 4-hour 50-MA has likely capped the downside around $8,200

already we are below $ 8200 and of course that as always the news channels are already spreading the news and making analyzes of the possible price.

Cryptocurrency and Equity Markets: Weekly Performance Overview



in another news channel we have:

Bitcoin Price Might Fall Below $8,000 Again Later Today

Albeit Bitcoin still has $4.9bn in 24-hour trading volume, it is a lot lower compared to the $10+bn we used to see several weeks ago. Reversing this trend may prove to be rather difficult, as it seems unlikely we can hit a Bitcoin price of $10,000 anytime soon. Then again, the volatility present in the world of cryptocurrencies swings both ways, and gains can materialize equally as quickly.

With Bitfinex still leading the charge in terms of BTC trading volume, it is evident there is still some positive momentum in the tank. Binance and OKEx complete the top three, and we see a total of 6 different fiat currency pairs in the top ten. There are also three USDT pairs, all of which seems to indicate there is plenty of money pouring into Bitcoin. Either that or it is flowing out an accelerated pace.

Whether or not the Bitcoin price will dip below $8,000 is difficult to predict right now. It is evident the momentum doesn’t favor the world’s leading cryptocurrency or any other currency, for that matter. If this trend keeps up, $7,500 will have to become the new support, assuming people don’t pull their buy orders to put them even lower. A very troublesome time for the Bitcoin price, but like all previous dips, it will be overcome eventually.

it seems everyone is of the opinion that the fall will increase in the coming weeks and months. This is the time to keep calm and think very carefully before doing any investment in the crypto

[Alex077]

I don't think that everything is so bad, the price fell below 8000, but not for a long time. A lot of buy orders are located on these levels and they wouldn't let the price drop further. We can't predict market's movements drawing on technical analysis only, news much more important and it looks like the bad news has already ended.