However, BTC is giving strong signals of a breakdown below $8,000 against the US Dollar to a major extent, until the year-end.
Bitcoin Price Analysis
Recently, there is an upside correction in the trading price of Bitcoin above $8,000. The BTC/USD pair is trading close to $8,500 resistance. Currently, the price has perforated towards $8,400 and above, but it failed to gain momentum. Moreover, the proportion of green upright candles is consistently more towards the end of the price trend. As a result, we can even expect the price to cross the major resistance at $8,500.
However, the downslide remained supported around $7,700 price level and traded to a new monthly low at $7,733.26. Additionally, 50% Fib retracement level of the recent decline from the $8,961.52 (38.20% Fib retracement level) high to $7,733.99 low is also near the $7,900 support level. The main resistance for the current trading price is on the upside near the $8,500 and $8,700 levels. More importantly, there is a key bearish trend line which was forming with resistance around $8,000 on the hourly chart of the BTC/USD pair. This has now taken a slight upturn.
An intermediate resistance is near the $8,500 level. Therefore, the upside break of BTC price above the $8,200 and $8,400 levels was just a perfect recovery point of Bitcoin, pointing to have a decent comeback. The next key resistance is near the $8,700 level. While, immediate support is near the $7,600 level, below which the price is likely to test the bearish move around $7,500. Moreover, if there are more downsides, the price may, unfortunately, test the $7,200 support area.
As observed from the above chart at 04:18 UTC as on October 1, 2019, Bitcoin is clearly seen making attempts, inviting a moderate recovery. Having said that, the bears need to be careful as the recovery is not on point to have a supported uptrend and Bull Run.
Technical indicators:
MACD – The MACD is gaining pace above zero presently (trend observed at the time of writing).
RSI (Relative Strength Index) – The RSI for BTC/USD is currently touching 70 levels.
Major Support Levels – $7,700 and $7,500.
Major Resistance Levels – $8,500 and $8,700.
