Bitcoin has found temporal support around $8000 over the last 24-hours, giving traders a little relief of the bearish pressure over the past few days. What BTC is likely to display now is a corrective gain before resuming bearish bias. Of course, it may lead to a reversal if Bitcoin can reclaim important resistances. If not, we should expect a fall back to the $8000 support zones or even below.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Key resistance levels: $8300, $8400
Key support levels: $8000, $7800
On the hourly, a double-bottom pattern was spotted a few hours ago, which has brought Bitcoin’s price a bit up to $8170 at the moment. It may take BTC price to $8300 and $8400 resistance levels if the bullish formation plays out, although the market seems to be getting weary of the bearish moment. Meanwhile, the buyers have been recently responsive to price actions.
A bearish bounce at the white descending resistance at $8400 could lead to another bearish shock as the market may sell to $8000 support again. More so, Bitcoin may find new support at $7800 if the supply becomes heavy. The recent rise on the relative strength index shows that BTC is recovering. Additionally, the MACD is now climbing back from the negative to show a bull sign.
Bitcoin (BTC) Price Analysis: 15M Chart – Bullish
On the 15-minutes time frame, Bitcoin slightly broke through the triangle pattern that has kept the market under bearish pressure for a while. As we can see, the buyers are stepping back on a short-term. It’s important to note that the bearish reaction is still significant in the market. Taking advantage of the bullish correction, Bitcoin may reclaim $8300 if we can close above $8200 today.
Though, the technical indicators are now flying in the bullish zones. Bitcoin’s price is more likely to increase significantly in the next few hours. Considering the wedge breakout, Bitcoin’s price range is expected to add up by $200 from the break level, which is approximated at $8350. Currently, Bitcoin is gearing up for the next move as the buyers look for a progressive level of resistance.
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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.