Good afternoon traders.
Bitcoin price has been moving in a zone for past few days, as I mentioned on the prior analysis we have been patiently waiting for a breakout, which it seems that it finally happened.
If we go on a bigger time-frame you can see that we have been moving between two major key levels which are marked with grey rectangles, but on a past few days which can bee seen on a 4 hour time-frame, prices struggled to break through the area highlighted with yellow, which finally did happen.
We have been forming lower highs which indicates that the bears might take control of the market soon, so on this article ill mention the downside targets only, unless we see a break above 8200 then everything changes and we can focus on the upside.
As mentioned, on the 4 hours we have broken below the zone in which we were stuck for past few days between 8100-8000.
If we keep this momentum, I see bitcoin testing the support region at around 7800 and 7600 (first downside targets), which would dictate where we are going next.
A break below 7600, would take us to 7450 which is a support area and confluences well with the trend-line.
If a move like this happens today, knowing that is Sunday the weekly closure would be a bearish and that will indicate further downside potential on the upcoming week.
The charts will be updated upon candle closure, so stay tuned to our telegram channel for regular updates.
Bitcoin price has been moving in a zone for past few days, as I mentioned on the prior analysis we have been patiently waiting for a breakout, which it seems that it finally happened.
If we go on a bigger time-frame you can see that we have been moving between two major key levels which are marked with grey rectangles, but on a past few days which can bee seen on a 4 hour time-frame, prices struggled to break through the area highlighted with yellow, which finally did happen.
We have been forming lower highs which indicates that the bears might take control of the market soon, so on this article ill mention the downside targets only, unless we see a break above 8200 then everything changes and we can focus on the upside.
As mentioned, on the 4 hours we have broken below the zone in which we were stuck for past few days between 8100-8000.
If we keep this momentum, I see bitcoin testing the support region at around 7800 and 7600 (first downside targets), which would dictate where we are going next.
A break below 7600, would take us to 7450 which is a support area and confluences well with the trend-line.
If a move like this happens today, knowing that is Sunday the weekly closure would be a bearish and that will indicate further downside potential on the upcoming week.
The charts will be updated upon candle closure, so stay tuned to our telegram channel for regular updates.
