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.
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