Bitcoin Breaches More Demand Zones: Sellers Threaten To Short Further

Three days ago, the price at $8,400 was breached, this led Bitcoin to fall.  Further depreciation awaits Bitcoin if the price falls below $7,900.

Bitcoin Price Long-Term Prediction: Bearish 

The bears have continued to prove their superiority over the bulls as the price at $8,400 was breached three days ago. This level has given passage to the bears to overrun the bulls and arrive at the next support. Nevertheless, the coin may face resistance as the price falls to another low. 

There are indications that the $7,900 support level may be in serious contention by the market forces. If sellers sustain the selling pressure and price breaks below $7,900 support, Bitcoin is likely to drop to the next support. Conversely, if the price falls and bounces above $7,900, Bitcoin will rally and break the downtrend line.

Bitcoin Indicator Reading 

The RSI period 14 level 36 indicates that Bitcoin is approaching the oversold region. Nevertheless, if the RSI reading falls beneath level 30, the price is said to reach the oversold region and buyers may come in to take control of price. The coin is now in a bearish crossover as the EMAs point southward.

What Is the Next Direction for BTC/USD?

The market is seeing a steady fall as sellers continue to short their positions. The continual fall of Bitcoin will be ascertained after the market reaches a low of $7,900. The price is expected to fall to a low of $7,900 in a matter of days. Meanwhile, a breakdown below $7,900 will bring further depreciation and a lack of confidence in the coin.

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand zones: $7, 000, $6, 000, $5,000

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.