Bitcoin Price Analysis – Bitcoin Is Poised For More Drops, Is $9000 Next?

Bitcoin Price Analysis – Bitcoin Is Poised For More Drops, Is $9000 Next?

• Following recent recovery to $9750, Bitcoin still looks bearish on a short-term perspective
• If Bitcoin drops below $9300, the next support is likely to hold at $9000

Since our previous crypto trading signals, Bitcoin saw a small increase to on the upside. This increase came after dropping heavily to $9300. Though Bitcoin witnessed a little recovery to $9750 over the last 24-hours but now trading around $9630. Ahead of the coming halving, Bitcoin is likely to see a huge gain in the coming weeks before witnessing a strong correction.

Key resistance levels: $9800, $10000, $10250
Key support levels: $9500, $9300, $9000

Bitcoin (BTC) Price Analysis: 4H – Bearish

The February 15 wedge break continued to cause a serious bearish scenario for Bitcoin on the 4-hours chart. After dropping to $9300 this week, we can see that the price recovered a bit back to $9800 but now preparing to drop again. This blue support zone of $9200 is major selling target.

BTCUSD, 4H Price Chart – Feb 21

If the bears breach this support zone, Bitcoin is likely to drop at $9000. Meanwhile, there’s close support at $9500. Should Bitcoin find strong support nearby, the price could bounce back higher to $9800 and $10000 resistance.

Reclaiming $10250 resistance would allow buyers to resume control of the market. As of now, the bears are showing interest; so we can expect more drops to play out.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Over the last few hours, Bitcoin’s price has increased slightly above the descending channel forming on the hourly chart. BTC is currently trading above this channel but now selling.

Though Bitcoin moved out from the hourly channel; but we cannot consider that as bullish for now. Bitcoin needs to reclaim $10250 before we can validate a bullish return.

BTCUSD, Hourly Price Chart – Feb 21

However, Bitcoin is holding resistance at $9800 and $10000 in the red zones. At the moment, the price is looking bearish. If Bitcoin drops into the blue support zone of $9500, there’s still a chance for a rebound.

A drive beneath the blue area could floor Bitcoin at $9300 – the weekly low before dropping further to $9100. At the time of writing, the bears are still showing commitment in the market.

BITCOIN SELL ORDER

Sell: $9630
TP: $9300
SL: $9800

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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.