Bitcoin price is trading in a downward channel after the BTCUSD pair declined sharply from $8,950 resistance level.
The price of Bitcoin (BTC) was in a bullish trend which started on October 7. The market recovered from its monthly low of $7,762 two weeks ago.
During the last four days, the bulls pushed the price near a new weekly high at $8,950 but were resisted. As a result, Bitcoin price initially dropped significantly to the $8,400 support level. At the time of writing, the bears have extended the decline as Bitcoin price is being traded around 8,320 support level.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $8,400 and 8,500 price levels. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, BTCUSD price is consolidating above $8,300 and it could rally further in the short-term. On the upside, BTC price needs to surpass the $8,500 and $8,600 levels to continue higher towards the $9,000 level. Any further upsides may perhaps push the price towards the $9,400 resistance level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
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.
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