- Bitcoin price opens the Pandora Box with a dip under $8,000.
- BTC/USD could still free fall to $7,000 for a lack of formidable support areas.
Bitcoin price bears are not leaving any stone unturned as selling pressure rampages across the crypto universe. Numerous support levels tumbled as BTC/USD explored how deep the rabbit hole goes. The final blow in the balloon happened with a drop under the critical $8,000 zone. A low has since been formed at $7,689 while a slow but steady recovery is underway. BTC/USD is trading at $7,905 amid a short term bullish trend and expanding volatility.
Nouriel Roubini: Bitcoin is shitcoin
The Nobel-winning economist Nouriel Roubini has today poked into the bleeding wounds of Bitcoin investors with a tweet that defames Bitcoin’s ability to function as a hedge asset. In the tweet, Roubini says that Bitcoin “falls more than risky assets during risk-off.”
In the meanwhile Bitcoin is down 8% in the last day, much more than global equities. Another proof that Bitcoin is NOT a good hedge vs risky assets in risk-off episodes. It actually falls more than risky assets during risk-off. So BTC is a shitty shitcoin hedge in risk-off cases
— Nouriel Roubini (@Nouriel) March 9, 2020
Bitcoin confluence levels
Bitcoin is hanging in the balance without strong support areas. The dip under $8,000 caught many buyers by surprise as Bitcoin had signaled a possible move upwards during the Asian session on Monday. For now, the following making the key support and resistance areas to watch:
Support one: $7,855.90 – Highlighted by the pivot point one-month support one.
Support two: $7,773.77 – The Bollinger Band 1-hour lower curve and the Bollinger Band 15-minutes lower curve.
Support three: $7,116.74 – Highlighted by the pivot point one-month support two.
Resistance one: $7,938.02 – The previous high 15-mins, BB 15-mins middle curve and the 161.8% Fibo one-week.
Resistance two: $8,184 – The BB 4-hour upper curve and the pivot point one-week resistance two.
Resistance three: $8,348 – The SMA five 4-hour, the Fibo 38.2% one-day.
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