Bitcoin Price Analysis – Bitcoin Reaches Crucial Support After 18 Days Correction, What’s Next?

Bitcoin Price Analysis – Bitcoin Reaches Crucial Support After 18 Days Correction, What’s Next?

• Bitcoin may start new bullish rally if $8400 can continue to suppress selling pressure
• Notwithstanding, the two-week bearish correction is still valid across the major time frames

After witnessing a huge downward correction in February, Bitcoin appeared to have found support around $8446 (Bitfinex) for some days now. This shows that selling pressure is somehow weak at the moment. If buyers can act upon this weakness, we should expect Bitcoin to regain momentum shortly.

Key resistance levels: $8800, $9000
Key support levels: $8500, $8300

(BTC To USD) Bitcoin Price Analysis: Daily – Bearish

Following today’s long opening; Bitcoin is now trading around $8658 level, though the bearish bias is still dominant on the daily chart. Over the past few days now, the bearish volatility has been quite low after locating support on the blue rising trend line that was forming since December 2019.

BTC to USD
BTCUSD-Daily-Chart-March-2

If this trend line can bolster as long-term support, swing traders are expected to long from this area of value ($8446). The first sign for bullish is to overcome the $9000 resistance, followed by $10000 and beyond. On the downside, the closest support is the green area of $8300 and perhaps $8000. This would happen if Bitcoin drives beneath this important blue line.

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

Bitcoin Price Analysis: BTC continued to struggle under $9000 since the price dropped from the white descending channel on February 26. At the same time, Bitcoin has found temporal support around $8446 as the market remains subdued with choppy price action. Technically speaking, Bitcoin is still under bearish control.

BTCUSD, 4H Chart – March 2

However, if we see a huge price movement to the upside, Bitcoin could trade back inside this channel with gains to $9600. For now, the $8800 and $9000 area most important resistance levels for a bullish move. In case Bitcoin continues to fall, the next bearish swing would need to break the current support before dipping to $8500 and $8300.Looking at the current price action, the buyers might step back soon.

BITCOIN BUY ORDER
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TP: $8800 / $9000
SL: $8400

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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.