Within this weekend, this hadn’t been the best time for the time of Bitcoin. The leading cryptocurrency recorded its lowest level over the last 30 days.
Trading for around $9800 USD just 6 days ago, the price of the leading cryptocurrency Bitcoin [BTC] dropped as of yesterday to just around $8800 USD on most leading exchanges.
Bitcoin Price Prediction For Upcoming Week
At the reporting time, Bitcoin is presently trading round the $9K benchmark, mostly below it. From the technical point of view, a strong price level that got weakened immediately has now become an enormous resistance level.
As it is visible from the the 4-hours trading chart of Bitcoin, once Bitcoin broke the critical blue ascending trend-line as support, it’s now retesting it as resistance, and, needless to say, it’s quite a simple battle for BTC.
BTC/USD 4-Hour Chart
On the other hand, if Bitcoin fails here, and can’t regain possession above the $9K, we will further expect an extra drop to new monthly lows. On the other hand, as mentioned here yesterday and lots of times before also, the $8900 USD – $9000 USD horizontal price support level is crucial for the bulls’ short term.
From a technical point of view, the Stochastic RSI oscillator is at its oversold levels on both the 4-hour and therefore the daily chart. This might give some fuel for a correction. Another sign to observe for now is the trading volume.
Despite the last days’ plunge, we will see a declining path over the past few days in means of the trading volume.
This could even be a sign that the sellers number is decreasing, and Bitcoin is about to reset for a correction. Another bull market sign could be coming from the bearishness surrounding within the crypto community, that usually end up in some other way.
On the large scale level, the weekly chart is additionally consolidating into a decision point, and a weekly close below $9300 USD to $9400 USD will strengthen the bearishness for subsequent short term.
Bitcoin Price Support & Resistance Level’s
Bitcoin is now retesting the $9000 USD but at this point of time as resistance. Just in case, it breaks down the $8900 – $9000 support, then yesterday’s low at $8800 USD is the very last chance before an extra plunge into the mid -$8K areas, if not even an extra drop.
Below $8800 USD, the next drop support lies at around $8650 USD. Further price down range expected is somewhere around $8300 – $8400, which also includes the significant 200 and 100 days moving average lines (marked in light-green and white on the daily chart).
The latter also includes the long-term yellow ascending trend-line, as can be often seen on the daily chart.
From above, the primary significant area of resistance now lies around $9200 USD. Further above is the $9300 USD price benchmark [Thursday’s high], following by the 50-days moving avg line [the pink line], which lies around $9400 USD.
Bitcoin Stats For Today
Total Market Cap: $257.467 Bln
Bitcoin Market Cap: $167.30 Bln
BTC Dominance Index: 66.1%
BTC/USD 1-Hour Chart
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