BTC Bounces Off At $7750, Retracement Move May Lead To A Serious Sell-Off

Bitcoin (BTC) Price Analysis – October 1

Bitcoin is still bearish. What we are experiencing now is just a proper retracement to $9000 zone that was lost on September 24. Once Bitcoin reaches the mentioned zone, we can expect a massive dump to the $7000 price zone. The correction is normal for BTC to gather momentum for the next bearish move. As of now, the market is up by +3.59% with a more short-term bullish outlook.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $8600, $8800, $9000
Key support levels: $8200, $8000, $7750

The price of Bitcoin has struggled to hit $8500 earlier today after bouncing off at the $7750, which now holds as support. Currently, the market has slightly dropped to the current trading price at $8347. A bullish continuation could allow the market to further test the $8600, $8800 and $9000 resistance before resuming the bear rally.

BTCUSD-Daily-Chart-October-1

As we can see, Bitcoin is now trending in a new descending channel pattern following the wedge break-down on September 24. However, the crypto trading signals a potential buy on the technical indicators. If BTC rolls back, we might see a bearish extension towards the $8200. $8000 and $7750 support, the mid-year low.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin is now bouncing higher following the break above the descending trend line (white) along with the important $8000 resistance-turned-support. The buyers are now targeting $9000 resistance. Before then, Bitcoin needs to climb to $8512, $8700 and $8850 resistance. But now, the market is currently pulling back.

BTCUSD-Hourly-Chart-October-1

If the price further pulls lower, the BTC price may floor at $8250, $8142 and $8015 support to test the while line. The crypto trading signals a selling pressure on the Stochastic RSI. We can expect a buy-back as soon as the oscillator turns bullish. The RSI is now pointing downward to show a slight drop in price. If the RSI 50 can remain strong, a price will continue to rise.

BITCOIN BUY SIGNAL

Buy Entry: $8268
TP: $8888
SL: $8153

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