Just as we predicted earlier today, Bitcoin has sharply dropped to the $8400 support zone, hitting take profits provided in our crypto trading signals. If the price can close well below the $8500, Bitcoin may close on a weekly low of $8000. As of now, Bitcoin is trading at $8496 under a lot of bearish pressure.
Bitcoin (BTC) Price Analysis: Daily Chart – Bearish
Key resistance levels: $8600, $8880
Key support levels: $8300, $8100
On the daily chart, Bitcoin is now reaching another bullish defence line (8300), might be the close price for today if the price continues to drop. Bitcoin has lost about 6% from its initial weekly opening of $9100. Currently, the market is sitting on the $8400 support, although it’s uncertain that the support will hold as $8300 remains major support.
Heavy bearish pressure may cause the price to floor at $8100. Looking at the RSI indicator, Bitcoin is now trading well below the 50 levels. Meanwhile, the MACD is still showing a little sign of bullish which may play out if the zero levels stay solid. However, resistance to watch out for is $8600 and $8880.
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
On the 4-hours chart, Bitcoin is revealed on a downward range. The market has been under a lot of bearish actions for the past two weeks. BTC has recorded a price cut of about $400 which has made the price to fall at $8400 today. It appeared that the bears are targeting $8300 support9 where the yellow horizontal line lies.
Meanwhile, support may further hold at $8200 and $8100 if the yellow line fails to act as a rebound level for Bitcoin. On the upside, BTC held resistance at $8600 and $8700. Additionally, the technical indicators are currently showing a strong weakness in price due to the last few hours of decline. Bitcoin is likely to regain strength if the $8300 support can hold well.
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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.