Bitcoin support levels at $8,100 and $7,700 are vulnerable to declines as long as the bearish flag pattern stays in action. Short-term technical indicators suggest that the bulls are in control but correction above $8,400 would revive interest in Bitcoin. Bitcoin price is still suffering the effects of breaking the falling triangle support as observed on the daily chart. Besides, the descending trendline resistance continues to limit movement to the north. Meanwhile, the massive drop from levels above $10,000 in September extends the press down on critical levels including $8,000 and the recent low close to $7,700. The formation of a bearish flag pattern is likely to sabotage the progress made by the buyers over the last week. Although $8,800 rejected the price, Bitcoin has been able to stay above $8,000. A reaction to the flag pattern could revive the bearish frenzy and force Bitcoin down to levels at $7,000. In the meantime, BTC/USD is trading at $8,145 amid shrinking volatility. The Moving Average Convergence Divergence (MACD) shows that the bulls have the upper hand and will be able to defend the short-term support at $8,100. The MACD’s positive divergence also shows that action to the north has potential. BTC/USD 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 USD/CHF remains shy of 1.0000 amid latest risk aversion wave FX Street 4 years Bitcoin support levels at $8,100 and $7,700 are vulnerable to declines as long as the bearish flag pattern stays in action. Short-term technical indicators suggest that the bulls are in control but correction above $8,400 would revive interest in Bitcoin. Bitcoin price is still suffering the effects of breaking the falling triangle support as observed on the daily chart. Besides, the descending trendline resistance continues to limit movement to the north. Meanwhile, the massive drop from levels above $10,000 in September extends the press down on critical levels including $8,000 and the recent low close to $7,700. The formation of… 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.
