Bitcoin Price Analysis – Bitcoin Looking For A Rebound Around $9600 As Selling Pressure Subdues

• Bitcoin’s major level for a rebound lies at $9600 support
• If the buyers fail to regroup at this support, Bitcoin would be doomed for short-term bearish

After facing rejection around $10200 yesterday, Bitcoin has further dropped to the $9700 area we mentioned in our previous crypto trading signals. This hourly support has seen a small bounce but the price may keep dropping if the sellers are still showing commitment. If the bulls charge-back, however, Bitcoin would recover quickly towards the previous resistance levels.

Key resistance levels: $10000, $10200
Key support levels: $9600, $9200

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

Bitcoin is slowly correcting at the rising wedge’s support of $9600 on the 4-hours. The slight price drop was led by a strong resistance level of $10200. Meanwhile, Bitcoin is still looking bullish on a long-term. We can expect Bitcoin to bounce back once the market test the immediate blue zone of $9600.

From here, the market is expected to buy-back at $10000 and $10200 before breaking higher. If a rebound fails and Bitcoin slumps, the closest support to watch out for is the next blue zone of $9200, right beneath the wedge. This break would trigger a short-term bearish. But as it is now, Bitcoin remains bullish on the mid-term.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

On the hourly chart, Bitcoin is slightly bearish and currently trading around the $9700 support which would determine the next direction of the market. Two things are likely to happen here: a break or a bounce. This bearish move was triggered yesterday following a sharp wedge breakdown.

In case Bitcoin manages to bounce from this $9700 support, we should expect an upward price movement in no time. The $10000 and $10200 resistance would be the next target but Bitcoin needs to reclaim a near resistance at $9900. A further bearish move could floor BTC price at $9550 support, in the next blue horizontal zone. Bitcoin may fall heavily if the price drops below this support.

BITCOIN SELL ORDER

Sell: $9788
TP: $9658
SL: $9948