Technical Indicators:
Support Level: $8000
Resistance Levels: $8300, $8400, $8450, $8500
Key Points:
- Bitcoin price was able to break above $8500 and $9000 resistance levels recently, however, it started to correct downwards later.
- The selling pressure increased and BTC was pushed sharply below $8700 and even $8450 support levels.
- Bitcoin price also broke below the bullish pattern that was being formed on the hourly chart with support at $8550.
- Bitcoin is currently trading with a bearish momentum below the new resistance formed at $8300.
Bitcoin Price Analysis:
SUMMARY: Bitcoin price moved over $9000 level but could not hold gains. BTC declined sharply and is currently trading with a bearish momentum with signs of further losses.
Bitcoin price traded with full bullish momentum yesterday and was able to break through the major resistance around $8950 and $9000, however, it could not settle above this range, failed to hold the gains and declined sharply. The selling pressure was quite intense and BTC was pushed below $8700 support level. Bitcoin price soon fell below the $8600 level and the 100 hourly SMA.
Bitcoin price even broke below the bullish pattern which was being formed on the hourly chart with the support at $8550. BTC below $8500, $8300 and even $8200 support levels which were quite major for bitcoin price. Currently, Bitcoin is trading below the $8300 resistance level with signs of further losses. After the $8300 level, BTC price could face a major resistance around $8400 and $8500 levels after which BTC might test the $8700 level again.
The current major support lies at $8000 below which BTC price might test the $7900 and $7800 levels. Further selling pressure could lead to BTC testing the $7600 level. The current momentum seems quite bearish and there are chances of a fresh decline below $8000.
The chart shows that the BTC price is corrected downwards sharply falling below $8700 and $8500 support levels. It seems that bitcoin might decline below $8000 level in the short term and test the $7900 and $7600 levels.
