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Recent market trends
Bitcoin price climbed to US$8,950, but the exchange rate against the US dollar failed to continue to rise.
price fell by about $500, but it maintained the key support levels of $8,400 and $8,350.
On the hourly chart of the BTC/USD pair, there is a major bullish trend line forming with support around $8,400.
price may test the $8,350 support level and may recover in the near term.
Bitcoin price trading fluctuates less than $9,000 against the US dollar. BTC has fallen sharply from $8,950, but is now approaching several important support levels.
Bitcoin price analysis
Recently, Bitcoin's resistance against the US dollar rose sharply above $8,600 and $8,650. Additionally, the price soared above the $8,800 resistance level and remained well above the 100-hour moving average . Price trades near the $8,950 level and forms a new weekly high of $8,934. However, prices struggled to continue to rise and fell sharply below $8,800.
In addition, the price broke through the 61.8% Fibonacci retracement level of the recent rebound, rising from the low of $8,457 to the high of $8,934. The hourly chart is formed with a big red candle, which costs less than $8,600. Prices are even below the last swing low of $8,457. However, the $8,400 support area is good support. More importantly, on the hourly chart of the BTC/USD pair, there is a major bullish trend line forming with support around $8400.
The next key support is around $8350 (the previous resistance area). It represents the 1.236 Fibonacci expansion level of the recent rally, from a low of $8,457 to a high of $8,934. The main support is around $8315 as it coincides with the 100-hour moving average. Therefore, closing below the $8,000 support level could push the price back to the bearish zone.
On the plus side, the initial resistance is around $8550, followed by $8600. The main resistance is around $8,660 and $8,800. Before starting a new rise, it seems likely that the price will trade above the $8300 support area.
From the chart, Bitcoin shows many bearish signs from its high of $8,934. Currently approaching the $8,350 and $8,300 support levels, the bulls may gain a foothold.
Technical indicators:
hourly MACD–MACD is strengthening in the bearish area.
RSI per hour ( Relative Strength Index ) – RSI for BTC/USD dropped sharply and was below the 50 level.
main support level – $8,350, followed by $8,300.
main resistance levels – $8,550, $8,660 and $8,800.
investment is risky, and you must be cautious when entering the market . Relevant information is not used as investment and financial advice.
I am Liao Xinchen, a mainstream currency analyst, financial commentator, professional spot, contract analysis and investor, official Weibo: jimy38468, official account: Liao Xinchen. Be simple and keep your own simplicity. If you trade coins, you will cultivate your heart. If you cultivate your heart, you will get wealth. If you follow the trend, you will naturally extend your life. If you use time, you will definitely be rewarded! Welcome to communicate and learn from each other!
Statement: This article is a work of the author who has settled in "Mars" and does not represent the official position of Mars Finance. Please indicate the source, author and link to this article when reprinting
Tips: Investment is risky, so be cautious when entering the market. This information is not used as an investment and financial advice.
