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Bitcoin Price Analysis: BTC Could Test $8.3K Before Recovery

Summary:
Bitcoin price is currently under pressure below the ,070 resistance area against the US Dollar.The price is holding the ,600 support area, but it remains at a risk of more losses.There is a major bearish trend line forming with resistance near ,900 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to break the ,600 support area and it might soon test the ,300 support.Bitcoin price is showing a few bearish signs below ,900 and ,070 against the US Dollar. BTC could test the ,300 support area before it starts a decent recovery.Bitcoin Price AnalysisThis month, bitcoin price remained in a bearish zone and declined from the ,500 resistance against the US Dollar. BTC broke many key supports near the ,250 and ,180 levels to enter a bearish

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  • Bitcoin price is currently under pressure below the $9,070 resistance area against the US Dollar.
  • The price is holding the $8,600 support area, but it remains at a risk of more losses.
  • There is a major bearish trend line forming with resistance near $8,900 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to break the $8,600 support area and it might soon test the $8,300 support.

Bitcoin price is showing a few bearish signs below $8,900 and $9,070 against the US Dollar. BTC could test the $8,300 support area before it starts a decent recovery.

Bitcoin Price Analysis

This month, bitcoin price remained in a bearish zone and declined from the $9,500 resistance against the US Dollar. BTC broke many key supports near the $9,250 and $9,180 levels to enter a bearish zone.

Moreover, there was a break below the $9,070 support and the 55 simple moving average (4-hours). Finally, there was a break below the $8,850 support and the price traded as low as $8,559.

At the moment, the price is correcting higher and is trading above $8,700. Besides, it climbed above the 23.6% Fib retracement level of the downward move from the $9,157 high to $8,559 low.

However, the $8,860 level seems to be acting as a strong resistance. It represents the 50% Fib retracement level of the downward move from the $9,157 high to $8,559 low. More importantly, there is a major bearish trend line forming with resistance near $8,900 on the 4-hours chart of the BTC/USD pair.

Above the trend line, the next resistance is near the $9,000 and $9,020 levels. Besides, the 76.4% Fib retracement level of the downward move from the $9,157 high to $8,559 low is also near the $9,020 area.

The main resistance is near the $9,070 level and the 55 simple moving average (4-hours). Therefore, a successful close above the $9,070 resistance is must for an increase towards $9,500 and $9,800.

Conversely, the price could continue to move down if it fails to surpass $8,860 or $9,000. An immediate support is near the $8,600 level. If there is a bearish break below the $8,600 support, the price could decline towards the $8,300 support area.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is trading in a downtrend as long as there is no upside break above the $8,850 and $9,070 resistance levels. On the downside, the bears are likely targeting the $8,300 support area.

Technical indicators

4 hour MACD – The MACD is struggling to losing momentum in the bearish zone.

4 hour RSI (Relative Strength Index) – The RSI is currently well below the 50 level, with a bearish angle.

Key Support Levels – $8,600 and $8,300.

Key Resistance Levels – $8,850, $9,000 and $9,070.

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