Bitcoin (BTC) Price Analysis – Bitcoin is Poised For a Breakout, Which Direction?

Bitcoin has been under a lot of bearish pressure over the last few days, making the price to now trade near the $8600 support zones. It may become devastating if BTC price drops below the current support as $8000 could play out in no time. But if the buyers can regroup well, Bitcoin may reclaim the near resistance at $8880. Currently, the entire market cap has dropped below $240 billion compared to when it was trading above it yesterday. This shows that more bearish play may be at hand.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $8880, $9000
Key support levels: $8300, $8000

Looking at the daily chart, Bitcoin has continued to float on the $8600 support over two days. If the support breaks, the closest support to watch out for is the $8300 and $8000. There’s a higher chance for that as long as the bears remain in the market. Meanwhile, the weekly short opening has kept BTC price in an ugly scenario. We can see that the RSI has dropped well below the 50 levels.

BTCUSD, Daily Chart – November 14

Conversely, the MACD is showing a weakening moment but has remained in the positive zone. As it is now, it may be difficult for the bulls to regain momentum. But if we can have a daily close above the $8880 resistance, the bulls hope may be rekindled as $9000 resistance would be the next buying target. Once we climb back above the mention supports, Bitcoin should be ready for the next bullish rally.

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

Since yesterday, Bitcoin reached a fractal level for a breakout on the 4-hour chart but has been keeping us in suspense against the next major move. From a technical standpoint, a big shock-wave is lurking around the corner. For a down surge, immediate support lies at $8400, $8200 and $8000. This could make the technical indicators to slip their bearish zone the more.

BTCUSD, 4H Chart – November 14

If an upsurge occurs, Bitcoin is most likely to spike to the previous high at $10350. However, BTC needs to reclaim the $8800, $8880 and $9000 resistance before we can consider a breakout. Looking at the RSI indicator, Bitcoin is climbing slowly to signal a bullish divergence, although still struggling below the 50 levels. Inversely, the MACD is negative but keeping a sideways movement to reveal the recent squeeze in the market.

BITCOIN SELL SIGNAL

Sell Entry: $8677
TP: $8550
SL: 8942

Bitcoin (BTC) Price Analysis – Breakout: More Bearish Actions Underway For Bitcoin

Since our previous crypto trading signals, we have seen Bitcoin finally broken beneath $9000 to $7700. Bitcoin has seen a little price recovery back to the $8800 area at the moment as more sell may be underways. For this reason, BTC is currently correcting a loss of -4.98%. The selling pressure could become heavier if the market closes below $8800 today.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $9000, $9500, $10000
Key support levels: $8500, $8300, $8000

As predicted earlier today, Bitcoin is now testing the $8800 support after breaching the important support at $9000. Bitcoin is likely to trade back inside the descending channel if the price closes beneath the white horizontal line. Immediate support lies at $8500 and $8000 – where the grey ascending line is aligning.

BTCUSD, Daily Chart – November 8

Currently, the RSI is looking for a level on the green ascending line as the MACD shows a sign of weakness. If Bitcoin can find support at the mentioned line support, a rebound is likely to play out. Nevertheless, we can expect $9000, $9500 and $10000 to now hold as resistance for the market.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

From $9200, Bitcoin saw price cuts of $500 over the past few hours, making the bears gain control of the market. As of now, it appeared that sellers are struggling to surpass confluence support at $8800, where the white and yellow trend line lies on the chart. However, the recent bearish cross on the MACD is an indicator to a more downward move. Also, the RSI is now reaching the oversold region.

BTCUSD, 4H Chart – November 8

Considering the next major move for Bitcoin, a bearish continuation may bring the price as low as $8550, $8300 and $8000. From above, $8900 and 9000 resistance are close areas for a retracement. A slight break-up may allow Bitcoin to further test the $9200, where BTC starts to drop earlier today. With the recent triangle breakout, we can expect more bearish actions to play out.

BITCOIN SELL SIGNAL

Sell Entry: $8788
TP:  $8500
SL: $9000