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• The short-term bearish correction remains valid while Bitcoin consolidates
Over the past 24-hours, the entire crypto market saw a small recovery but now back on a bearish mode. Though Bitcoin has been quite stable at around $8800; following a sharp bounce from $8600. While attempting to reclaim $9000 yesterday, Bitcoin got rejected and now trading around $8700 at the moment as sellers show more interest.
Astên berxwedana sereke: 8800 $, 8900 $, 9000 $
Asta piştgiriya sereke: $ 8600, $ 8500, $ 8400
Analîza Bihayê Bitcoin (BTC): Rojane - Hirç
Yesterday, Bitcoin touched $8600 with a long wick after witnessing a two weeks decline. Bouncing off this mentioned weekly low, Bitcoin recovered a bit near $9000 before closing around $8800 with a bullish doji.
Bitcoin is facing $8600 support again. If this support fails to hold, price drop into a key support area of $8400 – marked green on the daily chart. If BTC respects this demand zone along with the blue rising trend line, a quick bounce should send the price back to $10000 resistance in no time. For now, the closest resistance for Bitcoin is $9000
Analîza Bihayê Bitcoin (BTC): 4H Chart - Bearish
On the 4-hours, Bitcoin has been in the middle of consolidation for the past few hours now. While the $9000 resistance is proving difficult for the bulls to overcome on the upside, the $8600 has continued to suppress bearish actions for a while now.
However, it may break if the current bearish sentiment intensifies. In view of this, $8500 and $8400 supports may be explored. In case the bulls show a strong interest, Bitcoin is likely to regain momentum to $8900 and $9000 resistance before showing further direction. Nonetheless, BTC behaviour is still bearish at the moment.
BDXW SNE BELLXWNE BDXWNE
Firotin: 8620 $
TP: 8500 $
SL: 8800 $
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