Bitcoin Price Analysis: BTC/USD Keeps Dropping to $7,500 By March 17
The Bitcoin cryptocurrency rate is adjusted after a sharp fall. However, the market is dominated by a bearish trend, in connection with this, the price of the coin will drop to $ 7,500 by March 17.
Bitcoin should go up to $ 8,200 soon.
On the hourly chart, a downtrend line with resistance at $ 7,800 was overcome.
Bears are activated at $ 8,200 and keep dumping BTC.
On March 7, the Bitcoin exchange rate began to fall rapidly. In two days, BTC/USD fell in price from $ 9,193 to $ 7,638. Sellers broke through the main support zone at $ 8,000 and fixed in the range below the 100 AM. As a result, BTC went up to $ 7,937 (Gemini exchange data), breaking the resistance in the region of $ 7,800-7,850.
At the moment BTC/USD is trading at 23.6% Fib recorded during the dump from $ 8,755 to $ 7,638. The upward movement will meet the next obstacles at $ 7,980 and $ 8,000. However, the key resistance zone is located at around $ 8,200, which coincides with 50% Fib. It seems, that bears will begin to actively sell BTC if buyers manage to reach this barrier.
What Point Will Bitcoin Become Cheaper To?
The upper limit of the pattern ($ 8,200) will be reached on March 10. Then a downward movement should occur, which will bring the asset to a new March bottom.
The BTC/USD dynamics went beyond the uptrend line, which began on December 18. As a result, bears finally took control of the market. Given the technical indicators and chart data, the situation will develop as follows:
- BTC will rise in price to $ 8,200;
- the price will push away from the resistance and drop to the support zone ($ 7,500);
- the rate will be adjusted to the bearish trend line (maximum - $ 8,269);
- a downward movement continues to $ 7,000.
4-hours MACD is in the bearish trend zone.
4-hours RSI is below 30 (in the neutral area).
The main support level is $ 7500.
The main resistance level is $ 8,200.