Bitcoin Price Analysis – Bitcoin’s Next Target is $8100 As Correction Continues

24 January 2020 | Updated: 24 January 2020

• After three days of consolidation, Bitcoin finally dropped under $8500 support.
• Bitcoin now targets $8100 but need to breach the current holding support.

Leaving 8500 support yesterday, Bitcoin has now created new support around $8300 that was mentioned in our previous crypto trading signals. Today, Bitcoin has retested this support but was slightly rejected. If Bitcoin fails to drop beyond $8300, a rebound is likely to play out. At the time of writing, Bitcoin is deciding on where next to head.

Key resistance levels: $8500, $8800
Key support levels: $8100, $7700

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

Following the wedge break, Bitcoin finally broke $8500 after keeping a sideways movement since January 19. Despite cutting $200 from its price yesterday, Bitcoin is still looking for a more downward correction. The BTC volume is currently dropping. So, we can expect the supply to continue until sellers lose momentum.

BTCUSD – 4H Chart – January 24

The break at the yellow area of $8500 has turned $8300 to current support. A continuation of this correction could lead the more sell at $8100 and perhaps $7700 support-the red area on the 4-hours chart. If Bitcoin finds rebound at these red zones, $8500 and $8800 would be the next target for Bitcoin. For now, sellers are still looking for more levels.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

In our past crypto trading signals, we mentioned a potential break on the channel pattern that held Bitcoin within a tight range of $8500-$8800 zones for three days. Yesterday, Bitcoin continued its downward correction after leaving the $8500 support, now resistance. After a small retest was rejected around $8450, BTC is now preparing for more declines.

BTCUSD -Hourly Chart – January 24

Though, Bitcoin needs to clear $8300 support before selling advance to $8200 and $8100 support. A further drop could slip price to $8000. In case Bitcoin’s price gains momentum above the $8300 support, we should expect to buy at $8450. A climb above the yellow resistance area of $8500 would allow buyers to reclaim the $8800 resistance and beyond.

BITCOIN SELL ORDER

Sell: $8313
TP: $8133
SL: $8500

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Michael Fasogbon

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.