Since Thursday, BTC/USD has lost 5.55% and went down to the area of the level of 8281.25 (Murray [1/8]).
Technical indicators reflect the moderate maintenance of the current downward trend.
Bollinger Bands are slightly diverging.
MACD histogram is ready to enter the negative zone and form a sell signal.
Stochastic’s lines are pointed downwards and are reaching the oversold area.
The downward trend will be continued after the price is set below the level of 8125.00 (Murray [2/8]).
In this case, the next targets of sellers will be the levels of 7812.50 (Murray [1/8])-7500.00 (Murray [1/8]).
If the instrument cannot consolidate below the level of 8437.50 the correction to the area of the level of 8750.00 (the middle line of Bollinger Bands) can develop.
Support and resistance
Resistance levels: 8437.50, 8750.00, 9062.50.
Short positions can be opened below the level of 8125.00 with the target at around 7812.50-7500.00 and stop loss 8300.00.
Long positions can be opened above the level of 8450.00 with the target at around 8750.00 and stop loss 8350.00.