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Bitcoin slips below $8,500; Charts suggest more pain ahead
IBTimes | 23rd Mar, 2018 02:41 PM

Bitcoin prices fell below $8,500 on Friday, extending previous day's sell off amidst reports of increased scrutiny on cryptocurrencies by Japanese regulators.

The cryptocurrency hit a low of $8,347 and was trading 2.6 percent lower near $8,489 as of 0900 GMT, according to CoinDesk's bitcoin price index.

Here are some of the key technical levels to watch out for:

Charts suggest further pullback in prices after the cryptocurrency failed to take out resistance around $9,000 levelsBitcoin has spent more than 48 hours trading the narrow range of $8,700-$9,200, signaling fresh weakness likelyThe cryptocurrency saw some profit taking after it rallied close to $2,000 from the March 18 low of $7,335Key resistance levels are lined up in the $9,180-$9,470 rangeNearly 13 of the 15 key moving averages signal a 'Strong Sell' on the cryptocurrency: Tradingview data
   
 
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