Bitcoin stays under $8,000 as the dust settles following the drop on Friday. The SMAs suggests a lower consolidation even as a descending trendline limits upward movement. Bitcoin bulls have decided to stay in hibernation all weekend long. All advances towards $8,000 have been thwarted by the prevailing selling pressure. At the time of writing, BTC/USD is trading at $7,942. Bitcoin has corrected lower 0.25% on the day amid high short-term volatility. The Relative Strength Index (RSI) is pointing upwards towards the average. This shows that bullish momentum is growing. Similarly, the Moving Average Convergence Divergence (MACD) trend puts emphasis on the momentum. Consequently, as long as the 50 Simple Moving Average (SMA) on the four-hour chart stays below the 100 SMA, Bitcoin will continue to suffer under the tight grip of the bears. Also limiting movement is the long-term descending triangle resistance. On the downside, $7,800 is a viable support area but further declines are likely to find support at $7,700 (previous support). BTC/USD four-hour 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 Brexit: UK PM Johnson officially asked for an extension, GBP/USD positive FX Street 3 years Bitcoin stays under $8,000 as the dust settles following the drop on Friday. The SMAs suggests a lower consolidation even as a descending trendline limits upward movement. Bitcoin bulls have decided to stay in hibernation all weekend long. All advances towards $8,000 have been thwarted by the prevailing selling pressure. At the time of writing, BTC/USD is trading at $7,942. Bitcoin has corrected lower 0.25% on the day amid high short-term volatility. The Relative Strength Index (RSI) is pointing upwards towards the average. This shows that bullish momentum is growing. Similarly, the Moving Average Convergence Divergence (MACD) trend puts emphasis… 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.
