Bitcoin hovers around $8,300 unable to break above the short-term 23.6% Fib level. The path of least resistance remains to the south as selling pressure prevails. Bitcoin is in a slightly bullish momentum following a weekend largely characterized with little to no action. Major cryptocurrencies continued with consolidation after the drop on Friday last week. Bitcoin, in particular, failed to make headway above $8,400. A move that allowed the bears to swing into action forcing another drop below $8,200. The price has since recovered from the minor correction and is now pivotal at $8,300. The immediate upside is limited by the 23.6% Fib level taken between the last swing high of $8,840 to a swing low of $8,161. Also standing in the way of upward movement is the 100 Simple Moving Average (SMA) on the hourly chart. The Moving Average Coverage Divergence (MACD) is back in the negative territory. The big divergence shows that the bears have more influence on the price. An initial support is observed at $8.200. The ascending trendline will come in handy in the event losses progressed under $8,200. Also in line to offer support is $8,100, $7,800 and $7,700. BTC/USD hourly 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 NZD/USD drops as a slump in China’s imports supersede trade surplus FX Street 4 years Bitcoin hovers around $8,300 unable to break above the short-term 23.6% Fib level. The path of least resistance remains to the south as selling pressure prevails. Bitcoin is in a slightly bullish momentum following a weekend largely characterized with little to no action. Major cryptocurrencies continued with consolidation after the drop on Friday last week. Bitcoin, in particular, failed to make headway above $8,400. A move that allowed the bears to swing into action forcing another drop below $8,200. The price has since recovered from the minor correction and is now pivotal at $8,300. The immediate upside is limited 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.
