• Sellers may gain control if $8000 breakdown.
On January 8, Bitcoin’s price hits $8400 after recording a six-day price increase. The market saw a small drop to $7800 before bouncing back to where BTC is now priced at $8000. However, the entire market cap has climbed back above $200 billion with BTC dominance of 68.1%. We can expect significant growth as soon as demand is increasing. Otherwise, Bitcoin might roll back!
Key resistance levels: $8800, $9600
Key support levels: $7800, $7400
Bitcoin (BTC) Price Analysis: Daily Chart – Bullish
Since Bitcoin’s price dropped from the channel’s resistance of $8400, the market has remained in the middle of consolidation. This suggests that BTC is deciding on the next major rally. On the downside, the market is supported by $7800 – the triangle that got breached during last week rally.
A sell below this support might lead to a serious sell-off as $7400 support may be explored. On the upside, Bitcoin is facing $8400 resistance. If this resistance breaks, Bitcoin is expected to surge to near resistance at $8800 and $9600. However, the recent crossover on the daily technical indicators reveals that the BTC market is currently bullish.
Bitcoin (BTC) Price Analysis: 4H Chart – Bullish
For the past three days now, Bitcoin’s price has been quite stable around the $8000 price levels following a rejection breaking slightly above the rising channel pattern on the 4-hour chart. As of now, the technical MACD and RSI are aiming to fall but still holding support on their mid-levels. We may experience a severe drop if BTC drops below the mentioned indicators level.
The support Bitcoin is likely to look out for is $7600 to meet the channel’s support. From here, we should expect the market to bounce back to $8400 and potentially $8800 resistance. If Bitcoin drives beneath this channel, the price could roll back to $6900 in no time. As it stands now, buyers are still showing commitment in the market.
BITCOIN SELL SIGNAL
Sell Entry: $8088
TP: $7666
SL: $8300
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