Following the latest bullish swing, Bitcoin has again turned away from the $7700 short-term support and now roaming around the $8200. The yesterday’s bullish break gave the buyers another buying opportunity to $8600 which may occur in the next couple of hours if the buyers continue to show strong commitment. Meanwhile, Bitcoin is relying on $8000 support at the moment.
Bitcoin (BTC) Price Analysis: 4H Chart – Neutral
Key resistance levels: $8453, $8650
Key support levels: $8000, $7733
Bitcoin is still moving sideways on the 4-hour time frame but has seen a sharp rebound at the channel’s support at $7800. Considering the past weeks of range-bound movement, Bitcoin’s price is expected to oscillate to $8400 and $8600 resistance shortly before signalling next move. Bitcoin is indecisive at the moment. If a retracement move occurs, the price is likely to test the $8000 support before continuing an upswing.
Meanwhile, the bulls have been defending the $7700 support over the weeks as break-down could lead the market to serious bearish action. The crypto trading signals that the bulls are in play on the RSI indicator. While in the bearish zone, the MACD is still following a sideways move which shows that the price is currently stable.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
Yesterday, Bitcoin’s price broke the diagonal resistance line (yellow) after witnessing a sudden price increase to $8300 before rejection to $8200 – where the market is now consolidating at. Bitcoin is expected to retest the $8100 support zone (marked white) before bouncing higher. Otherwise, we should expect another spike to $8300 and $8500 resistance zones.
Despite waiting for the next move, Bitcoin is showing strength at the moment. As we can see, the hourly MACD indicator has crossed to the positive zone – showing the bulls are in action. Similarly, the crypto trading signals a downward move on the RSI indicator to reflect a price pull in the market. We can expect more buying pressure if the RSI 50 can function as support. Bitcoin may slip to $8000 if the price drops beneath the $8100 support.
PENDING BUY ORDER
Buy Entry: $8122
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.