Bitcoin (BTC) Price Analysis – Breakout: More Bearish Actions Underway For Bitcoin

Since our previous crypto trading signals, we have seen Bitcoin finally broken beneath $9000 to $7700. Bitcoin has seen a little price recovery back to the $8800 area at the moment as more sell may be underways. For this reason, BTC is currently correcting a loss of -4.98%. The selling pressure could become heavier if the market closes below $8800 today.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $9000, $9500, $10000
Key support levels: $8500, $8300, $8000

As predicted earlier today, Bitcoin is now testing the $8800 support after breaching the important support at $9000. Bitcoin is likely to trade back inside the descending channel if the price closes beneath the white horizontal line. Immediate support lies at $8500 and $8000 – where the grey ascending line is aligning.

Currently, the RSI is looking for a level on the green ascending line as the MACD shows a sign of weakness. If Bitcoin can find support at the mentioned line support, a rebound is likely to play out. Nevertheless, we can expect $9000, $9500 and $10000 to now hold as resistance for the market.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

From $9200, Bitcoin saw price cuts of $500 over the past few hours, making the bears gain control of the market. As of now, it appeared that sellers are struggling to surpass confluence support at $8800, where the white and yellow trend line lies on the chart. However, the recent bearish cross on the MACD is an indicator to a more downward move. Also, the RSI is now reaching the oversold region.

Considering the next major move for Bitcoin, a bearish continuation may bring the price as low as $8550, $8300 and $8000. From above, $8900 and 9000 resistance are close areas for a retracement. A slight break-up may allow Bitcoin to further test the $9200, where BTC starts to drop earlier today. With the recent triangle breakout, we can expect more bearish actions to play out.

BITCOIN SELL SIGNAL

Sell Entry: $8788
TP:  $8500
SL: $9000