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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.
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.
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
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