Bitcoin Price Analysis – Mid-Week Reverse Play: $8400 Rejects Short-Term Buyers As Bitcoin Looks For Support.

• Bitcoin’s price rejects at $8400 after a short-term bullish rally.
• $7600 support may provide a rebound for Bitcoin if $7800 fails
• Bitcoin loses +5.36% following last 24-hours selling

The $8400 resistance has rejected short-term buyer but it appeared the bullish trend is still valid on the 4-hours chart as Bitcoin relies on the yellow diagonal support. However, the current break below the wedge on the hourly chart indicates a bearish correction that may last to $7500 or even $7300.

Key resistance levels: $8000, $8200, $8400
Key support levels: $7800, $7650, $7400

Bitcoin (BTC) Price Analysis: 4HChart – Bullish

The break from the channel pattern has led Bitcoin all the way to $8400 before meeting strong resistance yesterday. Meanwhile, the bullish rally from $6900 was supported by a yellow rising trend line. Following the last 24-hour rejection, Bitcoin has dropped below $8000 and the price is currently sitting at $7866 – testing the yellow line.

We can expect a rebound at this diagonal support. If a rebound fails, Bitcoin may extend correction to the grey horizontal support zone of $7650 and even $7400. But as of now, there’s still hope for the buyers if BTC can bounce off the yellow rising support trend line. However, a successful bounce above $8000 might allow the buyers to reclaim the $8400.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Yesterday, we mentioned the potential move to $8000 on the lower time frame. As it is now, it appeared Bitcoin is turning bearish following the recent wedge breakout. The price range for the ongoing selling is $7500 on the hourly chart. A steep fall may extend selling pressure to $7300. Meanwhile, Bitcoin could resume bullish if $7700 support can keep sellers on hold.

Looking at the current setup, the bears might stay in the market for a while. If the buyers can successfully counter the current bearish set up well, we may see a quick recovery to $8200 and $8400 resistance after reclaiming the $8000 level. Such a move look unrealistic at the moment as the correction is healthy for Bitcoin to gather momentum for the next rally. Currently, the bears are in play.

PENDING SELL ORDER

Sell Entry: $7787
TP: $7644 / $7411
SL: $8022