Bitcoin may be vulnerable to massive losses as $8,000 gives way once again. Critical support is created by SMA100 on a weekly chart. Bitcoin (BTC) bulls attempted a recovery but failed to hold the ground above $8,000. A strong sell-off during early Asian hours took the price below the pivotal handle towards the intraday low of $7,869. BTC/USD is changing hands at $7,900, down over 2% since the beginning of the day. The downside momentum may gain traction if the price does not rerun above $8,000 in the nearest future. Looking technically, the next strong support is created by the lower line of the Bollinger Band on a daily chart at %7,840. Once it is out of the way, the sell-off is likely to continue with the next bearish target at $7,800-7,780 (SMA100 (Simple Moving Average) on a weekly chart). This is strong support that has stopped the downside on several occasions since the end of September. A sustainable move below this area will push BTC from the cliff to $7,400 ( the lower line of the Bollinger Band on a weekly chart). On the upside, we will need to see a sustainable move above $8,100 to mitigate an initial bearish pressure and allow for an extended recovery towards the middle line of the daily Bollinger Band at $8,200 and this week’s high at $8,400. BTC/USD, the daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next China: Growth momentum is worse than headline figure – ANZ FX Street 3 years Bitcoin may be vulnerable to massive losses as $8,000 gives way once again. Critical support is created by SMA100 on a weekly chart. Bitcoin (BTC) bulls attempted a recovery but failed to hold the ground above $8,000. A strong sell-off during early Asian hours took the price below the pivotal handle towards the intraday low of $7,869. BTC/USD is changing hands at $7,900, down over 2% since the beginning of the day. The downside momentum may gain traction if the price does not rerun above $8,000 in the nearest future. Looking technically, the next strong support is created by… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
