Yesterday, Bitcoin traded around the $8600 resistance before closing at $8578 on the day. Today, BTC short opening has made the price to drop as low as $8420 on Bitfinex, amounting to a current loss of 1.60% on the market cap. The entire crypto market is now holding an approximately $232 billion with BTC dominance at 66%. We can expect more decline if Bitcoin’s statistics continue to drop.
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
Key resistance levels: $8500, $8600, $8800
Key support levels: $8300, $8200, $8100
Reclaiming $9000 resistance might be a little challenging for Bitcoin on the 4-hour time frame if the sellers continue to release selling pressure in the market. The selling has been causing a lot of bearish sentiment, especially the last 24-hours drop all the way from $8699 yesterday. Bitcoin is slightly trading above the $8400 support, although new weekly support is likely at $8100 if the yellow horizontal support breaks.
As per the wedge pattern forming on the chart, Bitcoin’s volatility is seriously contracting to the angle of the wedge. As such, a big price explosion is around the corner. However, the RSI has found support for BTC at the oversold level which may cause the market to bounce to $8600 resistance if the RSI level holds. A break to $8800 resistance might return positive move in the market. All in all, Bitcoin remains bearish on the MACD.
Bitcoin (BTC) Price Analysis: 15M Chart – Bearish
The rejection at $8699 resistance has caused an outright $250 cut from Bitcoin’s price since yesterday. Currently, the market is moving in a descending wedge on the 15-minutes time frame. Bitcoin is likely to move out of the wedge soon. On the upside, the key resistance to watch out for is $8500 and $8600.
As we can see, the technical RSI is poised for a bullish move. Though, the MACD shows that the bears are still gaining control of the market. On the other hand, we may see more selling pressure towards the $8400 support. If BTC drops beneath the mentioned support, we can expect $8300, $8200 and $8100 to suppress selling pressure.
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Buy Entry: $8447
TP: $8587
SL: 8375
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