• If Bitcoin continues to drop, the next selling target would be $7500
Since our previous crypto trading signals, Bitcoin has seen a huge price movement to the downside following a small bounce to $9200 last week. This time, BTC lost 18% in three days to reach a daily low of $7700. As of now, Bitcoin is priced $7940 with 9.23% losses overnight. We may see more selloff if sellers continue to show strong interest in the market.
Key resistance levels: $8500, $8750
Key support levels: $7700, $7440
Bitcoin (BTC) Price Analysis: Daily Chart – Bearish
After failing to recover above $9200 last week, Bitcoin dropped heavily and broke beneath three months rising trend line (blue) and at the same time wiped major support of $8200 yesterday. Following this price actions, Bitcoin further extends selling to $7700 before bouncing a bit up.
If Bitcoin resumes selling pressure and dropped below the first red line of $7700, the next level to consider as support is the next red line of $7440 – the October 2019 low. However, if the $7700 functions as temporal support, we can expect a recovery to $8500 and $8750 to retest the blue trend line. At the moment, it appeared that sellers are still showing interest in the market.
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
The latest price drop has led Bitcoin to the lower boundary of the channel that was forming since mid-February. Though the bulls attempted to break the channel last week but failed after a massive supply. However, the bearish trend remains intact in the channel. There’s hope for a retracement.
If Bitcoin continues to respect this descending channel, a possible retracement may reach $8500, where the orange resistance area lies. For that to happen, Bitcoin would need to reclaim $8000 level. Should the price breaks down the channel, especially below $7700, new support may establish around $7500 and below.
BITCOIN SELL ORDER
Sell: $7980
TP: $7700
SL: $8077
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