Analytics

BTC: Likely To Decline To $8,200 If Can’t Stand At $8,500

BTC continued to shrink in volume yesterday, testing the bottom support of $8,500. At present, the mood in the market is fluctuating, long side is constantly being suppressed, and the bears may further test the 8500 support. The resistance level is constantly decreasing and the support level is constantly moving down. This position $8,500 is more critical. Once it falls below, it may drop to $8,200-$8,300.
Technically, The price is under pressure on the MA5 and is on the lower rail of the Bollinger Band . Also, the MACD is running below the 0-axis. Bollinger Band becomes wider. based on those indicators we can expect a bearish trend with a large possibility to drop and test the support again.
In the past week, it has broken below $8,600 three times. After the first two breaks, it rebounded quickly, but the amount of this rebound was weak.
Let’s see if it fails to rebound above $8,750 a few hours later, the price may continue to fall again.

Key points:
Short: $8,600-$8,550
Target: $8,300-$8,200

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