Bitcoin price is showing signs of more losses below $8,200 and the price could drop below $8,000 before a decent increase in the short term.
Bitcoin Price Medium-term Analysis
Yesterday, November 18, the price of Bitcoin (BTC) was in a bearish trend. The bears pulled the price below $8,500 level and BTC price dropped towards $8,200 support level.
Moreover, Bitcoin price traded close to the $8,000 level and a new monthly low was formed near $8,033. At the time of writing, the price is correcting higher above the $8,100 level.
On the upside, if more buyers emerge, the crypto’s price will rise towards the $8,300 and $8,500 price levels. On the other hand, if there is a downward move, initial support is near the $8,000 level, below which there is a risk of another decline towards $7,800.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, BTCUSD price is going through a period of consolidation. On the upside, an immediate resistance is near the $8,180 and $8,200 levels. Besides, there is a short term declining channel forming with resistance near $8,165 on the hourly chart of the BTC/USD pair.
It bitcoin climbs above the channel resistance, it could test the $8,300 and $8,320 resistance levels. On the downside, the price could continue to move down towards $8,000. Furthermore, if there is a downside break below the $8,000 support, the bulls are likely to give up. The next major support is seen near the $7,650 level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $9,300, $9,500, $9,000
- Support Levels: $8,000, $7,800, $7,400
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.