Bitcoin (BTC) Price Analysis – Bitcoin’s Price Could Explode Anytime From Now, To Where?

Following the latest price actions, Bitcoin has been trading below the $8800 resistance over the last 24-hours and has similarly held support at $8600. Due to the selling pressure, Bitcoin’s market cap is valued at $158.6 billion with a trading volume of about $18.7 billion. We can expect a heavy price fall if the bears remain in the market. At the time of writing, Bitcoin is currently priced at $8755 with an overall loss of -0.55%.

Bitcoin (BTC) Price Analysis: 4H Chart – Bearish

Key resistance levels: $9000, $9600, $9995, $10350
Key support levels: $8600, $8400, $8200, $8000

Bitcoin should be breaking out of the triangle formation any time from now. As we can see now, the price has squeezed so much to a tight angle on the descending triangle. A price explosion could be underway. Traditionally, this pattern formation commonly follows a bullish impulsive move. The expected price range is $10350, although Bitcoin would meet $9000, $9600 and $9995 on the way up.

Interestingly, the RSI is currently showing a positive sign despite the recent bearish actions. On the MACD, the bears are still assuming control of the BTC market. If the $9000 resistance continues to prove difficult, Bitcoin may slip to $8400, $8200 and $8000 after reaching the triangle’s support at $8600.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Overcoming the $8880 resistance has become tough for the buyers since the weekly opening. This level of resistance is as crucial to the bull as to the bears. A look at the technical indicators suggested that there’s a high chance for the bulls to win the $8880 zone, especially the $9000 before surging price to $9200, $9400 and $9600, above the wedge pattern.

That is if the MACD can confirm a positive cross. Also, the RSI needs to keep respecting the green diagonal support which has been playing since November 8. A drive beneath the RSI support could cause a heavy sell-off, although Bitcoin may continue to locate support on the wedge’s lower boundary. Currently, the $8600 remains major support for Bitcoin.