Unlike many other analysts, we have repeatedly pointed out the approaching short movement in our Bitcoin price analysis. Now the decisive resistance has struck and sent the price down over USD 600 in a short time!
Bitcoin rebounds the $8,000 zone after climbing to a new high at $9,184 in January 2020. Indirectly trading between $8,495 and $8,740 is likely to take priority in the near future.
Bitcoin Price Analysis – Gloriously failed on the golden pocket
Technical analysis can hardly work better. Anyone who denies the power of this type of Bitcoin price analysis should simply take a look at the chart. It is no fluke that the Bitcoin price fails in the upper red zone, which includes the Golden pocket and the MA200. The top of the trend channel was also found here. In short, it was a massive technical resistance zone! The current response from the Bitcoin price wave impressively demonstrates this.
At the time of reporting, the Bitcoins price is showing a slight recovery. The Bitcoin price is above $8,600 and meeting developing resistance. Improvement towards $9,000 will not grow quickly based on the high frequency of traders at $8,740.
Bitcoin Price Analysis- what’s next?
In the case of Bitcoin Price, the closing price is important for several purposes. Traders utilize it as a source position for finding performance over a day.
So, we want to make it clear that nothing has yet been conclusively decided. We always insist on closing prices and in this sense, today’s closing price is very significant. A clear daily close below the $ 8588.5 mark would be evidence of another correction. If this close is not reached, the situation remains open, even if the bulls are hanging on the ropes. However, if the daily close is achieved, the next price target for this short movement could be between $ 7745 and $ 7671.
Also, the Relative Strength Index (RSI), explains that drive is likely to delay. In other words, the sloping movement implies the Bitcoin price is expected to fluctuate between $8,740and $8,510.