Bitcoin Price Analysis – Bitcoin Holding Temporal Support At $7700, Awaiting Make-or-Break?

Bitcoin Price Analysis – Bitcoin Holding Temporal Support At $7700, Awaiting Make-or-Break?

• Bitcoin saw 0.33% increases overnight but the downward trend remains valid
• The price could retrace back to $8500 if Bitcoin keep respecting the 4-hours channel

Following the $1500 drops in three days, Bitcoin appeared to have found temporal support around $7700 for the past 24-hours. Meanwhile, the bears are a bit weak at the moment. Bitcoin is now priced at $7900. In case the bulls begin to show commitment, we should expect Bitcoin to rise back. Otherwise, the selling pressure may resume back.

Key resistance levels: $8000, $8500
Key support levels: $7700, $7500

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

Yesterday, Bitcoin plunged to the base support of the descending channel forming on the 4-hours. From this $7700 support level, BTC slightly bounced back near $8000 but saw a rejection. Though, the bears are still gaining control of the market. But if the bulls can find their way back in the market, we should anticipate a positive retracement.

BTCUSD, 4-Hours Chart – March 10

The price range to look out for is $8500 in the orange resistance area. However, we need to see a clear break above the $8000 resistance before we can validate a nice retracement. On the other hand, a bearish extension might cause more pain in the market. That is likely to happen if Bitcoin slumps below the $7700 support to a lower level of $7500.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Bitcoin is still revealed in a downward range on the hourly chart, though the bearish sentiment has remained calm above the $7700 support- yesterday’s low. The price is now selling back following a rejection at $7989, which now formed minor resistance. A fall beneath the $7700 is likely to introduce a new bearish circle in the market.

BTCUSD, Hourly Chart – March 10

If that occurs, we may need to watch out for $7600 and $7500 as the next level of support. If Bitcoin can regain momentum above the $7700 level, however, we would need to see a decent break at $7900-$8000 resistance areas before we can consider further rally to $8380 resistance, the second orange line on the chart. But as it stands now, Bitcoin remains under bearish control.

BITCOIN SELL ORDER

Sell: $7989
TP: $7756
SL: $8077

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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.