Bitcoin price is struggling to correct above the $8,350 and $8,400 resistance levels after trading as low as $8,146.
Last week, the price of Bitcoin (BTC) was in a bullish trend. The bulls pushed price from a low of $7,760 on October 7 to over $8,950 where they met resistance on October 11. As a result, Bitcoin price declined significantly to the $8,300 support level. However, the market recovered above the $8,400 level, but failed to gain momentum above $8,450 resistance level. This resulted in a fresh decline to a low of $8,146.
At the time of writing, Bitcoin price is trading at the $8,300 level. On the upside, if more buyers emerge, the crypto’s price will rise and test the $8,350 and $8,400 price levels. On the downside, if the bulls fail to recover above the resistance levels, it could resume its decline. An immediate support is near the $8,200 level.
In the meantime, the Moving Averages 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 in a bearish trend below the 100 hourly Simple Moving Average (SMA). In the short term analysis, there could be an upside correction, but a break above $8,400 won’t be easy.
Bitcoin bulls must be ready to face more resistance at $8,500 and $8,600 levels. Further correction above $8,800 will come face to face with the hurdle at $8,845. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy 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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