Yesterday, Bitcoin saw another major price shift to $8100 on the downside. The bearish reactions brought BTC price to the bottom of the descending channel on the hourly chart, although there’s still a small room for a sell-off to $8000. Bitcoin is currently down by 4% as further sell might become uglier if $8000 price zones break.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Key resistance levels: $8300, $8500
Key support levels: $8100, $8000
The hourly chart is keeping Bitcoin’s price in a descending channel, although the market has reached the base of the channel after yesterday’s sell-off to $8100. Bitcoin is likely to recover a bit to $8300 and $8500 resistance if the price actions obey the channel formation. Otherwise, BTC may fall out of the channel.
Taking a look at the technical RSI indicator, Bitcoin has seen a small bullish crossover, trying to leave the oversold region. More so, the MACD moving averages cross is playing out in the negative zone. This suggests that a small price recovery is likely. However, Bitcoin is still holding support at $8100 and $8000 for now.
Bitcoin (BTC) Price Analysis: 30M Chart – Bearish
Since the market saw a sudden surge to $81000 yesterday, Bitcoin’s volatility has been contacting, suggesting a lack of interest amongst traders due to fear, uncertainty and doubt (FUD) in the market. However, a possible correction could play out to diagonal resistance at $8300 before the bears’ resume pressure on the 30-minutes chart. A further breach could also walk the bulls to $8500 resistance.
The RSI is now facing up after leaving the oversold region to reveal a potential retracement move. Similarly, the MACD is rising again, although Bitcoin is in the negative zone. If the MACD can produce a bullish crossover to confirm the RSI positive move, we can expect a strong price increase. Otherwise, bearish pressure may extend to $8100 and $8100 support in no time.
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Buy Entry: $8178
TP: $8297
SL: 8035
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