A͙n͙a͙l͙y͙s͙t͙ M͙a͙s͙t͙e͙r͙: Bitcoin price is trading with a bearish angle below the $8,880 resistance against the US Dollar.
The price is likely to continue lower below the $8,640 and $8,600 support levels.
A͙n͙a͙l͙y͙s͙t͙ M͙a͙s͙t͙e͙r͙: Yesterday, we saw a couple of bearish patterns for bitcoin below the $8,880 resistance against the US Dollar. BTC remained in a bearish zone below the $8,800 level and the 100 hourly simple moving average.
A͙n͙a͙l͙y͙s͙t͙ M͙a͙s͙t͙e͙r͙: The last rejection was near the $8,780 level and the 100 hourly SMA. A high was formed near $8,784 before the price declined below $8,700. Moreover, the price traded below $8,680 and it is currently testing the $8,640 support area.
A͙n͙a͙l͙y͙s͙t͙ M͙a͙s͙t͙e͙r͙: The main resistances on the upside are near the $8,740 and $8,750 levels. More importantly, there is a short term breakout pattern forming with resistance near $8,740 on the hourly chart of the BTC/USD pair.
A͙n͙a͙l͙y͙s͙t͙ M͙a͙s͙t͙e͙r͙: Conversely, the price might continue to move down if it fails to climb above $8,780, $8,800 and $8,880. An initial support is near the $8,640 level. The next key support is near the $8,600 level, below which the price is likely to accelerate lower towards the $8,500 and $8,300 support area.
A͙n͙a͙l͙y͙s͙t͙ M͙a͙s͙t͙e͙r͙: Looking at the chart, bitcoin is facing a lot of resistances on the upside, starting with $8,780 and up to $9,000. A successful daily close above $9,000 is needed for a fresh increase in the coming days.
A͙n͙a͙l͙y͙s͙t͙ M͙a͙s͙t͙e͙r͙: The new Zimbabwe dollar has hit the streets, with banks beginning to issue the paper currency Tuesday. The ‘Zimdollar,’ existing earlier this year as coins, e-balances, the RTGS dollar, and bond notes, was returned to in June as a replacement for the (RTGS) system implemented in February.