The bears have continued to stay in the market as Bitcoin’s extend support to the $8500 zone overnight. Due to the price drop, the market has currently recorded a loss of about -1.2.6%. This time, if the $8500 support fails to suppress selling pressure, Bitcoin would further look for lower support.
Bitcoin (BTC) Price Analysis: Weekly Chart – Bearish
Key resistance levels: $8880, $9000, $9200
Key support levels: $8500, $8300, $8100
Bitcoin is looking bearish on the weekly chart, although it’s a necessary pullback which is likely to resume buying soon. But looking at the previous candle close, the bearish setup is just building up. We may see a weekly close of $8100 if the selling pressure elapses. Meanwhile, Bitcoin held immediate support at $8300 which could be the next selling target.
However, if the new support ($8500) can hold well, BTC could look for resistance around the $8800. Still, we need a weekly close above the $9000 resistance before we can validate a positive move. Once we clear the resistance, Bitcoin might reach $12000 in a couple of days. Currently, the technical indicators are on the downside, suggesting a bearish continuation.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Looking at the hourly chart, Bitcoin is undergoing a lot of bearish pressure over the past few days. The latest price drop has made BTC to now trade in the $8500 zone. It appeared the market is looking for support around the $8000. It may take a few days for Bitcoin to reach this support due to the recent slow movement in price.
However, $8400 and $8300 may come in play soon. On the upside, there’s no bullish sign for BTC at the moment. Nevertheless, the $8700 and $8800 resistance may be explored if the bulls can push well. The technical RSI and MACD are defiantly bearish to show that Bitcoin is weak at the moment.
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Sell Entry: $8688
TP: $8515 / $8444
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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.