Bitcoin Price Analysis – Bitcoin Signals Retracement But Short-Term Bullish Remains Valid

• After breaking out of a descending channel, Bitcoin forms a new bullish pattern in a short-term channel.
• If Bitcoin drops, a possible correction may roll the price to $7400 before bouncing back.
• Short-term bullish pattern may send BTC price to $8000 in the coming days.

Following last week recovery from $6900 low, Bitcoin has seen a substantial increase to $7583 – where BTC price was slightly rejected yesterday. Bitcoin is now priced at $7540 following a +10% gains under $72-hours. We can expect more increase as soon as the price surpasses the previous high.

Key resistance levels: $7600, $7700
Key support levels: $7500, $7400

Bitcoin (BTC) Price Analysis: 2H Chart – Bullish

On December 3, Bitcoin’s price bounced off the channel’s lower boundary after witnessing a lot of bearish pressure. This recovery has dramatically led to a break, bringing BTC out of the two weeks channel boundary. After nearing $7600 yesterday, the market has remained calm due to weakness in price.

Bitcoin is likely to correct down if the buyers fail to regroup further. The closest support for a rebound is $7400 as indicated on the 2-hours chart. If the buyers manage to push the price above the previous resistance, we may see a further gain to $7700; although $8000 is the short-term bullish target. As it is now, it appeared Bitcoin may drop a bit before gaining momentum.

Bitcoin (BTC) Price Analysis: 30M Chart – Bullish

Bitcoin has faced a lot of multiple rejections around $7600 over the past ten hours. Though, the bullish momentum may refuel at $7500. But considering the channel pattern, Bitcoin is likely to retest the $7440 support zone before we can see a decent rally. As we can see, volatility has remained low for a while now.

More so, a steep drop beneath the channel boundary may cause a lot of bearish sentiment back to $7000. But as of now, the bullish trend is still valid in the channel pattern. However, if the market breaks above the rising channel, Bitcoin may rally seriously to $7600 and $7700 resistance. For now, the bulls are gaining control of the market.

BITCOIN BUY SIGNAL

Buy Entry: $7427
TP: $7637
SL: $7300