The selling pressure surrounding the major cryptocurrencies intensified on the last day of the week with Bitcoin (BTC/USD) erasing more than $700 and slumping to its lowest level since mid-January at $8,160. As of writing, the pair was trading at $8,220, erasing nearly 8% on a daily basis. Technical outlook With the sharp drop witnessed on Sunday, the RSI indicator on the daily chart fell below the 40 mark to suggest that the bearish pressure continues to gather strength. The fact that the RSI is still above the 30 level shows that there is more room on the downside before the pair becomes technically oversold and stages a rebound. Furthermore, the prices broke below both the 200-day SMA and the 100-day SMA for the first time in two months to confirm the bearish outlook. The initial support for the pair could be seen at $8,200 (Fibonacci 61.8% retracement of January-mid-February rally) ahead of $8,000 (psychological level), On the upside, resistances are located at $8,400 (100-day SMA) and $8,700 (200-day SMA/Fibonacci 50% retracement of January-mid-February rally). 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 Ethereum Price Analysis: ETH/USD erases more than 10% on Sunday, closes in on $200 FX Street 3 years The selling pressure surrounding the major cryptocurrencies intensified on the last day of the week with Bitcoin (BTC/USD) erasing more than $700 and slumping to its lowest level since mid-January at $8,160. As of writing, the pair was trading at $8,220, erasing nearly 8% on a daily basis. Technical outlook With the sharp drop witnessed on Sunday, the RSI indicator on the daily chart fell below the 40 mark to suggest that the bearish pressure continues to gather strength. The fact that the RSI is still above the 30 level shows that there is more room on the downside before… 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.
