Bitcoin Price Analysis – Bitcoin Poised For Mild Gains After Panic Sell, Will $9000 Hold?
Login

Bitcoin Price Analysis – Bitcoin Poised For Mild Gains After Panic Sell, Will $9000 Hold?

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Michael Fasogbon

Updated:
 

• 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.

BTCUSD, Daily Chart – Feb 26

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.

BTCUSD, 4H Chart – Feb 26

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News