Bitcoin (BTC) Price Analysis – Bitcoin Remains Calm Amidst Bearishness, Incoming Break?

Bitcoin (BTC) Price Analysis – Bitcoin Remains Calm Amidst Bearishness, Incoming Break?

Since Tuesday, Bitcoin has held support at $8000 with a lot of bearish bias which is still dominant in the market. In fact, it’s not certain whether BTC would hold above $8000 if the bearish pressure continues. Notwithstanding, a strong bullish pressure could help the market to recover back on the current support. Otherwise, the next sell-off could become uglier than before.

Bitcoin (BTC) Price Analysis: 45M Chart – Neutral

Key resistance levels: $8200, $8300
Key support levels: $8050, $7900

Bitcoin has been a bit calm over the past two days now but the price may escalate soon if the descending triangle breaks. This bearish formation may become devastating if the price drops beneath $8000 support. Though, the next support to look out for is $7900 before driving lower.

BTCUSD, Hourly Chart – November 21

Breaking above the triangle might become a bit tough for Bitcoin. A successful break, however, could bring substantial growth in the market, making the price to hit $8600 resistance in no time. However, Bitcoin needs to surpass a controversial resistance of $8200 and $8300. The RSI and the MACD indicators are now moving sideways – suggesting that BTC is currently indecisive.

Bitcoin (BTC) Price Analysis: 15M Chart – Bearish

After seeing a sharp rejection at around $8250 yesterday, Bitcoin’s price has now dropped to the base of the ascending channel – which is forming for about two days now as break or bounce is imminent on the 15-minutes time frame. Looking at the MACD indicator, BTC is attempting a bearish cross. Also, the RSI is now trending well below the 50 levels.

BTCUSD, 15M Chart – November 21

For a break, the price may plummet straight to $8050 support as $8000 could follow if selling pressure becomes huge. On the other hand, a bounce off on the channel could allow Bitcoin to pace at $8170 and $8225 resistance. We can expect more buying if the price can break significantly above the channel pattern. From a technical perspective, the sellers have an upper hand in this market scenario.

BITCOIN SELL SIGNAL

Sell Entry: $8133
TP: $7988 / $7911
SL: 8207

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Michael Fasogbon

Avatar

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.