Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Key resistance levels: $7500, $7600, $7700
Key support levels: $7300, $7200, $7100
Yesterday, Bitcoin broke the ascending wedge pattern to the downside, touching $7200 earlier today. The latest increase has brought a small retracement move towards $7500 resistance, although roaming around $7300 at the moment. We can expect selling to resume shortly after a decent retest.
If the price further grows, BTC may revisit $7600. Meanwhile, a downward correction is more likely to play out to $7300, $7200 and $7100 subsequently. Looking at the hourly MACD indicator, Bitcoin is flagging a bearish momentum.
The market has recently managed to find support on the RSI 30 level. BTC is expected to bounce back if the price can continue remains above RSI 30 level. Despite that ongoing drop, the short-term bullish bias is still valid in the hourly chart as long as $7000 support holds.
Bitcoin (BTC) Price Analysis: 15M Chart – Bearish
Bitcoin is playing bearish on the 15-minutes time frame. Yesterday, BTC violently broke out to $7700 but the price could not hold as this price levels, rolling back in the descending channel. After dropping to $7200 today, Bitcoin is now pulling back towards the channel’s resistance at $7500.
A break will allow further buy to $7600 and $7700 resistance. Currently, Bitcoin held support at $7300 and $7200. A downward surge may slide the price to $7100 and below. As of now, the technical indicators are recovering back toward the bullish zone, though it’s yet to confirm.
BITCOIN BUY SIGNAL
Buy Entry: $7350
TP: $7497
SL: $7150
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.