Bitcoin price analysis: "Death cross" still some days away, $8,000 trendline holds key for now
|- Bitcoin falls nearly 14% this week
- $8,000 holds even as "death cross" stares
Price of the biggest crytocurrency fell more than a percent on Saturday making it nealy 14 percent fall for the week as the broader sell-off in the cryptocurrencies continued which was triggered after the Google ad ban announcement earlier this week.
BTC/USD was down more than 1 percent at $8,170 on Saturday and nearly 14 percent over the week from Sunday's close of $9,534.
Among the key technical indicators that hold key for the future price trend of this king of cryptocurrencies, is the possibility of a "death cross" - where 50 days simple moving average crosses over 200 days simlpe moving average on the downside - which would potentially mean more falls.
The price still has support at $8,000 which is exactly where its falling trendline is present - the very line it crossed past two weeks ago, only to crawl back on to it. Resistance now is at $8,256 and $8,511 levels.
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