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David Ogden
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David Ogden   My Press Releases

Bitcoin price analysis - BTC is back below $8,000 amid mounting selling pressure

Published on 5/20/2019
For additional information  Click Here

Bitcoin price analysis: - BTC is back below $8,000 amid mounting selling pressure

  • The resistance at $8,300 has stopped the recovery.

  • The short-term sellers pushed Bitcoin back below critical $8,000.

BTC/USD is hovering below $8,000 after an initial attempt to settle above $8,300 during early Asian hours. The first digital coin as lost over 3% of its value since the beginning of the day, though it is still in the green zone on a day-on-day basis. At this stage, the recovery from the recent lows has stalled, but the coin is still moving within the long-term bullish trend with 4.5% of gains on a day-on-day basis.

Bitcoin's technical picture

On the intraday charts, Bitcoin's recovery is capped by the psychological $8,300. This resistance area is strengthened with the upper boundary of 4-hour Bollinger Band (currently at $8,276) and the intraday high of $8,304. Once it is cleared, the upside is likely to gain traction with the next focus on the previous week high of $8,384 followed by the upper boundary of the daily Bollinger Band at $8,770.

On the downside, the local support is seen at $7,800 handle with the intraday low marginally above this level. A sustainable move lower will trigger more sell-off with the next aim at $7,650 with SMA50 4-hour on approach and a confluence of SMA100 and SMA200 (1-hour) right below this handle.

BTC/USD, 1-hour chart

nformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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