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Bitcoin Price: Technical Analysis

What happened

Just as we forecasted, Bitcoin going below a $8500 support level resulted in its further drop vs. USD. Now the key manoeuvre is within $7800-8500 range.

What’s next

RSI indicator is in the neutral zone. MACD and moving averages hint at the continuous downside movement in a short-term. Breaking below the support level will lead to the further decrease to $7000 and below. While breaking over the resistance level will signal of uptrade to $10000 and up.
Most likely, Bitcoin will go down to $7800, and if it jumps back, a growth to $10000 is possible. Steady trading below the support level might lead to a short-term drop to $5800.

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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