Bitcoin Price Analysis – Bitcoin Remains Calm But Poised For Bearish Correction

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RESULTS

• Bitcoin is poised for short-term sell but $9200 is suppressing bearish scenario
• BTC continues to show weakness after losing $400 over the last 24-hours

Since our previous crypto trading analysis, Bitcoin has remained in a very tight range of $9200-$9600 over the past five days. Meanwhile, BTC price had lost $400 from its value over the last 24-hours. At the moment, it appeared the bears are on the verge to gain control of the market. Once Bitcoin breaks $9200, we can expect a huge price drop to play out.

Key resistance levels: $9400, $9600
Key support levels: $9000, $8700

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

On the 4-hours chart, Bitcoin’s price has continued to trade in a tight area for some days now; although the price is attempting to break beneath $9200 at the moment. Meanwhile, the price is still captured in a channel. A breakout from the white zone could send Bitcoin’s price to the lower area of $9000 and $8700 support – meeting the channel’s lower boundary.

Meanwhile, the volume on the price chart revealed that sellers are back in the market. As soon as Bitcoin corrects to the channel’s support, we can expect the market to bounce back. A channel break-down could cause a serious drop in price. However, the closest resistance for Bitcoin now is $9400 and $9600.

Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral

Bitcoin is moving sideways for the past five days now. The sideways movement has positioned BTC price in a range. As we can see, Bitcoin is currently trading around $9200 – which is a breakout level for a bearish move. Meanwhile, the sellers have shown commitment over the last 24-hours.

If Bitcoin breaks from the grey zone, we can expect the market to fall into the white support area of $9000 before dropping into a lower support level. However, if BTC keeps facing rejection at the $9200 level, the price could bounce back to $9350 and $9550 resistance. A climb above these mentioned supports could launch the buyers back in the market. As of now, Bitcoin’s trading remains in a very tight range.

BITCOIN SELL ORDER

Sell: $9188
TP: $9020
SL: $9300