Bitcoin is currently trading below 9800$, It recorded a 9.3% drop in value last week, Bitcoin price started dropping after finding resistance at the 10400-10600$ range. On a daily time frame, Bitcoin is still trading in an eight-week-old uptrend channel Bitcoin has tested channel resistance at 10550$, and currently approaching retest channel support at 9500-9600$. Last time, Bitcoin managed to bounce from this channel support during the previous retest on 25th Jan.
9500-9600$ is a key support level to watch out for now If Bitcoin loses this support than Bitcoin could retest 8800-9200$ support Range before any significant bounce.
On a Bullish note, There is an upcoming golden cross formation between 50 and 200MA.
On a Bearish note, MACD has become bearish after the recent sell-off on a daily timeframe.
Please not 8550$ and 9250$ are also two lower CME Gaps which are not filled yet.
If Bitcoin manages to stay above channel support at 9600$, then we could see a clear break above 11000$ in the next few days.
Check out detailed cryptocurrency market weekly update at:
https://itsblockchain.com/cryptocurrency-market-weekly-update-5/
9500-9600$ is a key support level to watch out for now If Bitcoin loses this support than Bitcoin could retest 8800-9200$ support Range before any significant bounce.
On a Bullish note, There is an upcoming golden cross formation between 50 and 200MA.
On a Bearish note, MACD has become bearish after the recent sell-off on a daily timeframe.
Please not 8550$ and 9250$ are also two lower CME Gaps which are not filled yet.
If Bitcoin manages to stay above channel support at 9600$, then we could see a clear break above 11000$ in the next few days.
Check out detailed cryptocurrency market weekly update at:
https://itsblockchain.com/cryptocurrency-market-weekly-update-5/