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The Inevitable Decline of Bitcoin – Bitcoin Crashes Below Key Support

The Inevitable Decline of Bitcoin - Bitcoin Crashes Below Key Support

  • Bitcoin has crashed below the key support and the price has officially broken below $7,852.
  • Strong probability of a sharp decline of 20% or more from current levels especially after BTC/USD closed at a 4H candle below it.
  • Bitcoin likewise broke underneath its 0.786 Fibonacci retracement level.

Bitcoin has crashed below key support and the price has officially broken below $7,852. Strong probability of a sharp decline of 20% or more from current levels especially after BTC/USD closed at a 4H candle below it. Bitcoin also broke below its 0.786 Fibonacci retracement level .

The 38.2% fib extension level from the December low to the yearly high.This is extremely bearish and is a massive development for Bitcoin. Due to such a sharp decline, the price is expected to drop down to at least $6,717.Over the past week; BTC/USD has faced a slow decline down to the $8,000 price level.

Bitcoin after breaking it’s 0.786 Fib retracement level which was the last major level of oct, bitcoin sharply falls below $7,307 as it indicates a bounce back to $10,500 and above, after a long bearish outlook, experts are optimistic about the bounce back to $10,500.

The EUR/USD forex has climbed above the 38.2% fib extension level and is aiming to go further upside. There would be a strong probability of BTC/USD breaking below the descending channel during the next downtrend if EUR/USD starts to decline as well and ends up breaking below A sharp decline is expected taking into consideration the fact that Bitcoin is at a very vulnerable stage.

In fact, Ethereum (ETH) could fall a lot harder than Bitcoin (BTC) and might decline down to $144 or lower before it can arrange for temporary support.

Meanwhile Market analyst Keith Wareing anticipated the trend decline, shorting he explained “Decided that shorting to $7,350 was the logical move after the support on the Bollinger Bands was broken on all major time frames,” said Wareing. “

If $7350 wasn’t to hold, Willy Woo and Tone Vays would be right, and as there are no pigs in the sky or ice in hell, I knew it The S&P 500 (SPX) appears to be getting closer to a correction which does not translate into good news for the cryptocurrency market.

The index has closed below the 5day EMA for the first time since the beginning of October. This is a bearish progress for the stock market itself which further affects the bearish development of emerging markets like the cryptocurrency market, for example.

There is further opportunity for Bitcoin Dominance (BTC.D) to rise whereas Altcoin Dominance (Others.D) is on the verge of a decline after having faced a strong rejection at the Overall, all these developments point to the glaringly obvious and inevitable decline of the cryptocurrency market in the near future.

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About Prerna Sengupta

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Prerna Sengupta is a writer for Thecoinrepublic. She is a law student at NALSAR University of Law, Hyderabad. She is interested in Tech Law and is especially keen on cryptocurrency, blockchain, and Bitcoin. She hopes to pursue this field in the future as a lawyer.

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