Bitcoin (BTC) Price Analysis: Daily Chart – Bearish
Key resistance levels: $7500, $7850, $8250
Key support levels: $7300, $7000, $6800
Connecting the last two weeks lows and highs, Bitcoin’s trading is now spotted inside an ascending channel but has held trading around the lower boundary of the channel for more than 24-hours now. Bitcoin may soon go bullish if the buyers can rely on the channel’s support. With a massive buy-off, Bitcoin could reach $8250 with a blink but the buyers need to win $7500 and $7825 resistance before we can consider a true positive climb.
As shown on the RSI indicator, a bullish formation is slowly playing out but the MACD needs to produce a clean positive crossover before we can confirm a valid trend. However, heavy volatility to the downside is likely to cause a lot of selling pressure in the market. Additionally, BTC could bottom straight to $7000 and or even $6800 support. The bottom line is that Bitcoin needs to breach $7300 support.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Bitcoin is facing a lot of demand and supply around the $7300-$7400 zones for the past 24-hours now and at the same time trading around the upper boundary on the descending channel. Paying attention to the recent subdued market with choppy price actions, Bitcoin is ready for another major price shift.
From a technical perspective, BTC is brewing for an upward swing as $7500, $7700 and $7900 resistance may be explored soon.
Adding to this, the technical indicators are still maintained in the bullish zones. This shows that the bulls are still very much present in the market. If the channel’s resistance keeps suppressing buying pressure, BTC price experience a collossal drop to the channel’s lower boundary. The key support to watch out for is $7200, $7100 and $7000.
BITCOIN BUY SIGNAL
Buy Entry: $7387
TP: $7700 / $7900
SL: 7277
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