Bitcoin Price Analysis – After Losing $1000 In A Day, Bitcoin Continues Bleeding

Bitcoin Price Analysis – After Losing $1000 In A Day, Bitcoin Continues Bleeding

• Bitcoin dropped to $8600 following a huge 11% loss in a day.
• There’s major support at $8400 if Bitcoin further drops.

Yesterday, Bitcoin saw another huge dump after trading witnessing a lot of bearish scenario over the past days. This selling has further led price $8600 today but BTC has recovered a bit to $8800 at the moment. Following a 21% downward correction in two weeks, Bitcoin appeared to have found support as we can expect the price to bounce back any moment from now.

Key resistance levels: $9000, $9200, $9500
Key support levels: $8600, $8500, $8400

Bitcoin (BTC) Price Analysis: Daily – Bearish

Leaving $9000 support with a sharp drop, today, Bitcoin extended bearishness to $8600 (the lower green-dotted line) but has slightly bounced back to $8800 (the upper green-dotted line). Following the recent rejection, BTC bull seemed to be reacting to price actions.

BTCUSD, Daily Chart – February 27

If Buyers can push the price well above the $8800, Bitcoin may retest $9200-the red zone. A climb above this resistance should propel buying to $9500 and above. If the bears show reactions again, Bitcoin might fall back to $8600 support. Below this support lies $8400, the green area on the daily chart. The blue diagonal support line is where a major recovery is expected to start for Bitcoin.

Bitcoin (BTC) Price Analysis: 4H Chart – Bearish

The heavy break at $9200 support has caused a serious selling over the last few hours, making Bitcoin’s price to slump at $8600, where BTC currently pinned temporal support. Now, Bitcoin is now trading at a resistance of $8800. We may see an increase to $9000 and $9200 if BTC breaks this resistance level. A break above this red area should give buyers more opportunity in the market.

BTCUSD, 4H Chart – February 27

If the price drops again, however, the closest support for the bears is $8600. A further bearish might trigger more losses to $9500 and $9400. At the moment, there’s no sign of bullish but we can expect that to come as soon as Bitcoin finds solid support. Whichever way, Bitcoin remains under the bearish control for now

BITCOIN SELL ORDER

Sell: $8825
TP: $8600
SL: $9045

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Author : Michael Fasogbon

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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.