Technical Indicators:
Support Level: $8600
Resistance Levels: $8750, $8800
Key Points:
- Bitcoin price started a downward correction to test the support around $8400.
- The buyers were able to push the price back above $8600 resistance level soon.
- BTC was able to break above the bearish pattern that was being formed on the hourly chart with resistance around $8700.
- Currently, BTC is trading with support at $8600 and might test $8800 level soon.
Bitcoin Price Analysis:
Summary: Bitcoin price tested the $8400 level recently before recovering back. BTC might test the $8750 and $8800 resistance levels soon, however, there are chances that BTC might fall back towards $8400 support level if the selling pressure increases.
Bitcoin price started to correct downwards yesterday after falling below $8700 support level. Due to the massive selling, BTC soon broke below $8600, $8550 and even $8500 support levels. Bitcoin price even tested the $8400 support level, where buyers emerged around $8425 level and the 100 hourly SMA to stop further losses.
Bitcoin price recovered back above the $8500 and $8600 levels very soon. The buyers were also able to push the price above $8700 level. BTC was also able to break above the bearish pattern which was being formed on the hourly chart with resistance around $8700. BTC is currently trying to gain momentum in order to test the $8750 and $8800 levels.
There are chances that bitcoin price might correct back downwards to test the $8600 level and the 100 hourly SMA below which it might test $8400 and even $8200 levels. However, if BTC is able to break above $8800 in the short term, it might test the $9000 resistance level.
The chart shows that bitcoin was able to recover back above $8600 after testing the $8400 support level. However, it is very essential for BTC to break above $8800 level in order to maintain the bullish momentum or else it might fall back towards $8600 and $8400 levels.
