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.
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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.