After mounting support at $7700, Bitcoin is now caught in a consolidation mode for the past three weeks, although the price was rejected at $8800 October 11. The slight drop below $8000 has made the bears turn at the $7700 support on a third attempt. Bitcoin should bounce back to $8600 if the bulls can defend the current support. Otherwise, the mid-term bearish scenario may continue.
Bitcoin (BTC) Price Analysis: 4H Chart – Neutral
Key resistance levels: $8000, $8270, $8453, $8650
Key support levels: $7733, $7500, $7300, $7000
Bitcoin is moving sideways on the hourly chart. The $8800 rejection has led the market into 7 days bearish action which has currently brought Bitcoin to $7900. Meanwhile, the $7700 price zones now correspond with the RSI 50 level, where Bitcoin currently held support.
We can expect a rise back above $8000 toward the channel’s resistance at $8270, $8453 and $8650 before a potential break-up. On the other hand, support is likely at $7500, $7300 and $7000 if the $7733 could not contain selling pressure. However, the MACD indicator shows that the bears are in play for now.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
The October 11 false breakout has led Bitcoin’s price in a downward range and at the same time shaping in a channel boundary. However, it’s important to note that the bears are becoming strong on a short-term move. Just a few hours ago, Bitcoin tested the channel’s support at $7800 and now waiting for a possible correction to $8100 resistance.
As we can see, the RSI indicator is bolstered by the 30 level, although still weak at the moment. Similarly, the crypto trading signals a bearish cross on the MACD indicator which may cause Bitcoin to keep falling if the signals play out.
On the downside, $7600, $7400, $7200 and $7000 may be explored. On the upside, $8200, $8400 and $8600 may play out if a bullish surge occurs. For now, BTC is currently weak on the hourly time frame.
BITCOIN SELL SIGNAL
Buy Entry: $7870
TP: $8091 / $8270
SL: $7700
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