Bitcoin has been in a range-bound for about two days now and it appeared the bearish sentiment could continue shortly. This time, BTC trading may witness an ugly scenario if the supply remains heavy at $8880. However, if the price eventually falls, Bitcoin would possibly find a new bottom at $8500. Above all, the market has seen a loss of -0.21% overnight.
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
Key resistance levels: $8880, $9000, $9200
Key support levels: $8500, $8300, $8100
Looking at the current bearish setup, Bitcoin’s price could seriously collapse on the 4-hour chart. The BTC bears are gaining dominance and currently regrouping for lower prices. Meanwhile, the $8600 support is still bolstering well for the BTC/USD pair. Driving beneath this support could make the market to extend bearishness a bit to $8500 support. The $8300 and $8100 support may follow if BTC keeps supplying.
However, the $8880 remains a tough resistance for now. A successful climb may allow the bulls to reclaim $9000, followed by $9200 and above. The RSI for Bitcoin is in a downward direction to show that sellers are still in the market. Also, the MACD has tested the zero level but now appeared that trading may resume bearish swing.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Bitcoin has continued to stay quiet and calm for a while now, especially trading between the range of $8800 on the upside and $8600 on the downside. On top of that, the descending wedge is keeping BTC under bearish control. While waiting for the price to surge, a bullish rally may take us to $9000 after clearing the $8880 resistance.
Once the $9000 resistance resurfaces, the $9125 would be the next buy target for Bitcoin. In the opposite direction, Bitcoin may roll back to the closest support at $8600. If this support breaks, $8500 and $8400 could further function as support for the market. At the moment, the technical indicators are suggesting a potential sell.
BITCOIN SELL SIGNAL
Sell Entry: $8703
- Min Deposit
- Visit Broker
- 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
- Trusted provider
- Large amount of assets available
- Secure payment methods
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
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.