Bitcoin (BTC) Price Analysis: Daily Chart – Bearish
Key resistance levels: $8300, $8500
Key support levels: $8000, $7800
Bitcoin’s trading is back in the descending channel as a result of the past few days of decline, making the market to now sit on $8000 support, near the red ascending trend line. Bouncing off the $8000 support might allow Bitcoin to rise back to near resistance at $8300 and $8500 on the upside.
But considering the latest bearish reactions, Bitcoin may break-down $8000 to meet October low, although the September low ($7800) may hold BTC for a while. However, the RSI has dropped back near the 30 levels to show a sign of weakness in the market. The MACD has confirmed a bearish takeover as more declines can be expected.
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
Having broken supports, Bitcoin is now leaning on $8000 support which has been through bear target $9000 support breaks. The $7350 support might be on sight if Bitcoin further slips beneath the red diagonal support. However, the $7900 – $7800 support zones may further suppress selling pressure.
Meanwhile, the technical indicators are in the bearish territories which suggest that Bitcoin is under a lot of pressure. If the market can rely on the red diagonal support, we can expect BTC witness a strong bullish surge to $10400. But for now, near support lies at $8300, followed by $8400 which remains a breakout level for Bitcoin.
BITCOIN SELL SIGNAL
Sell Entry: $8051
TP: $7878
SL: 8213
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.