Bitcoin is now priced at around $8140, following the last 24 days of bearishness which has made the BTC price to reach a weekly low of $8000. However, the bears are still present as more selling could be underway for this market if the $8000 support breaks. Currently, Bitcoin is down by 2.91% and at the same time trading under $150 billion market cap over the last 24-hours. This might be an indicator of more price drop in the market.
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
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