On Sunday, the 8th of March Bitcoin saw a loss of over $800. The resistance at $8200 failed and it might continue to move down if the support at $8000 doesn't hold.
The Relative Strenght Index shows the presence of the bear and the price of BTC might fall below the $8000 support.
There seems to be an increase in the gap between the MAs. this attribute shows that traders are selling. The situation with the Convid-19 is also a source of worry as it casts a dark shadow on the market.
If the $8000 support fails, the BTC/USD pair might fall to $7200 and perhaps $7000. If this happens, traders will begin to buy and price will move up towards $9000.
Ethereum also dropped to as low as $195 but support has been recovered at $200. This fall in price is a great opportunity for buy-in, however, traders have to be diligent to foresee the reversal.
Since the high of $289.89 early in the year, ETH has begun a downward trend as it faces an aggressive resistance going upward. This resistance has been making it hard for the bulls to push over the selling pressure.
Although, a recovery seems to be looming as the RSI builds up in the 4-hour range. If ETH can remain over $200, then there's the possibility of an increase.
Note: This post is culled from an original article by Coingape
