Bitcoin (BTC) Price Analysis: 4HChart – Bullish
Key resistance levels: $7445, $7844
Key support levels: $7000, $6800
Bitcoin’s showing a sign of weakness on the 4-hour time frame, although the bullish setup would remain valid if Bitcoin can bounce back at $7000 support. Meanwhile, there’s lower support at $6800, followed by $6600 – the November low. Breaking this last bullish defence line might cause a lot of selling pressure in the market.
But if the market can find support at $7000, a huge buy-off should be expected as Bitcoin’s price could swing to 8400 in no time. However, $7445 and $7844 resistances are important levels for the buyers to overcome. Despite the recent drop, Bitcoin is still within a good trading range on the technical indicator, but falling to the lowest region may lead to a heavy sell.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Looking at the hourly chart, we can see that Bitcoin is weak for the past two days now. More importantly, a heard-and-should pattern is formed but yet to play out. This pattern formation is a short-term sell setup, which could slip BTC price to $7000, $6800 and possibly $6600 support.
If this head-and-shoulders pattern fails to play out, Bitcoin is likely to bounce back to $7400, $7600 and $7800 resistance. In fact, the hourly MACD is suggesting a downward movement on the short-term outlook. Conversely, the RSI indicator is also showing weakness but a possible rebound is likely at the oversold level.
BITCOIN SELL SIGNAL
Sell Entry: $7239
TP: $7062
SL: 7510
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