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Bitcoin Price: Technical Analysis

Technical Analysis

What happened

After breaking the bulls’ key defence line of $10K for a Bitcoin, bears have won one victory after another throughout the past week. They started just as actively on the current week, breaking through the resistance level of $8K.

What’s next

Do the bears have a chance to drop the Bitcoin rate to the next resistance level of $5.8K? If they can gain a strong foothold below $8K – which we can already see tomorrow – then there are certain chances. But we shouldn’t forget the strengths of bulls that grow with each minimum renewal.Their potential seems quite serious, and in the near future it can fully reveal itself. However, any discussion about the victory of bulls will be possible only after Bitcoin breaking above $10K.

Disclaimer

Our price analysis is for information purposes only. Please make the Bitcoin purchase and investment decisions independently at your own risk.

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