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• Bitcoin dropped to key support area as buyers look for small gains
• If Bitcoin fails to hold above $9000 level, the bearish sentiment would become stronger.
In our previous crypto trading signals, we mentioned the next possible sell to the $9200-$9000 support area. As we can see now, Bitcoin is testing the $9200 after dropping heavily from $9500. The selloff would get uglier if Bitcoin drives below $9000. Reaching the support of the channel forming on the 4-hours, we may see a small recovery to $9700 before resuming bearish.
Key resistance levels: $9500, $9700, $10000
Key support levels: $8800, $8600, $8350
Bitcoin (BTC) Price Analysis: Daily – Bearish
Bitcoin dropped overnight and now testing the green support area of $9200. Following the price movement from $10000, Bitcoin’s drop was characterized by a strong bearish candle that is now facing $9000. If BTC sells beyond this price level, the support to watch out for is the green area of $8350.
If we look at this price range, we will observe that there’s a hidden support for Bitcoin around $8800 and $8600 at the green dotted horizontal lines. In the opposite direction, Bitcoin could regain momentum if the first green are can provide support. In this case, potential resistance for BTC would be $9500, $9700 and perhaps $10000.
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
Bitcoin has dropped to an important demand zone, marked green on the 4-hours chart, and most especially sitting on a channel’s support at the moment. Technically, Bitcoin is expected to bounce up at this crucial support. If it does, the red-dotted line of $9500 could be explored in no time. A further push might allow buyers to revisit $9750 – the red area.
A significant break above the descending channel could fuel a new bullish phase for Bitcoin. Nevertheless, the bears are still showing strong commitment. If they pull price beneath the green area, Bitcoin would fall off the channel to $8800 and $8600 price level. At the moment, sellers appeared exhausted! We may see a mild recovery shortly.
BITCOIN BUY ORDER
Buy: $9150
TP: $9450
SL: $8970
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