Bitcoin (BTC) Price Analysis – BItcoin Is Forming Another Bearish Setup, $7350 On Sight

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RESULTS

It appeared that Bitcoin is not done yet with selling now as the bears continue to knock down by the market, although support is holding at the $7500 since yesterday’s steep decline. Bitcoin may cause a lot of pain and panic in the market if the price slips below $7500. However, there’s a hope for the bulls if Bitcoin can remain above its immediate support. Otherwise, the trend may remain bearish throughout this month.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Key resistance levels: $7733, $7800
Key support levels: $7500, $7350

The $8000 breakdown was quite significant on the hourly chart yesterday, recoding about 7% loss on the day. After opening long at $7664 today, Bitcoin went up to $7733 and has now dropped to $7558 at the moment. The bearish bias is still dominant as we can expect more selling in the coming days.

As we can see, the BTC market still struggling to recover on the technical RSI and the MACD indicators. This suggests that the market may continue to decline if the $7500 support breaks. The next support to think of is $7350. However, If Bitcoin can bounce from the current support, we can then consider a quick rise back to $7733 and potentially $7800 resistance. Looking at the market condition, Bitcoin is likely to witness a devastating drop in the coming hours

Bitcoin (BTC) Price Analysis: 15MChart – Bearish

The 15-minutes chart is suggesting another bearish setup which might play out any time from now. As shown on the chart, Bitcoin was rejected at the yellow descending resistance at $7700, turning the price back at $7500 support which is likely to break soon. The next support below the $7500 is $7400. Looking at the price bars, we can see that the bears are slowly gathering momentum.

In the opposite direction, a bullish reaction may allow a nice correction to $7700 and $7800 in no time after surpassing the yellow line. If the market continues to rise, we may see a bullish step back in the market. But the recent dive on the technical indicators reveals that Bitcoin might remain under the bear radar until the bulls show a strong reaction.

BITCOIN SELL SIGNAL

Sell Entry: $7595
TP: $7378
SL: 7810