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. 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/CAD retreats further from 34-month tops, back near 1.3600 mark FX Street 2 years 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.… 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.
