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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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.