Bitcoin prices are trading in a down channel following the sharp decline of BTCUSD from $8,950 resistance.
Bitcoin Price Medium-term Analyse
The price ofBitcoin (BTC).The bullish trend began on October 7. Two weeks ago, the market rebounded from its monthly low at $7,762
The bulls tried to push the price up to $8,950 for the week, but were stopped by the market. The result was that Bitcoin prices initially fell to $8,400 below the support level. The bears extended the decline to the point of writing.Bitcoin prices are being tradedAround 8,320 support level
The upside is that if there are more buyers, the price of crypto will rise and retest its $8,400 and $8,500 levels. The Moving Average Convergence Divergence is (meanwhile)MACDThe signal line (signal line) and the ) line are below zero, which is a sell signal.
BTCUSD Short-term Analysis
The1-hour chartThe BTCUSD price is currently consolidating at $8,300. It could rise further in the near-term. To continue climbing towards the $9,000 mark, BTC must surpass the $8.500 and $8.600 levels. Any additional upsides could push the price higher towards the $9,000.400 resistance level.
The MACD and signal lines are both below the zero line, which indicate a sell signal.
- Resistance Levels: $8.500, $8.600, and $8.800
- Support levels: $8.300, $8.280, $8.200
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