- Bitcoin dropped by a small 2.62% this week as it falls into the $9,500 level.
- Ethereum fell by a total of 4% this week as it reaches the $235 level.
- XRP dropped by 3% this week as it falls to $0.196.
Bitcoin Price Analysis
What has been going on?
Analyzing the daily chart for Bitcoin BTC, -1.45% above, we can see that Bitcoin had a very interesting week over the past 7-days. It started by falling from the $10,000 level last week as the cryptocurrency plummeted into the rising trend line formation.
BTC managed to find support at this rising trend line as it attempted to rebound and push higher. However, on Monday, BTC slipped beneath the rising trend line – sparking fears that the number 1 ranked cryptocurrency might be about to start to unwind after pushing beneath the rising trend line.
Luckily, the buyers regrouped and managed to push BTC back above the rising trend line by the closing time for Monday. This saved BTC from turning bearish in the short term and has kept the bullish trend intact.
BTC price short term prediction: Bullish
BTC remains bullish at this moment in time. It would need to drop beneath $9,000 to turn neutral and would have to drop further beneath $8,150 to be in danger of turning bearish again.
If the sellers do push beneath the rising trend line formation, the first level of support lies at $9,360 (.236 Fib Retracement). Beneath this, support lies at $9,100, $9,000, and $8,800 (downside 1.272 FIb Extension).
Added support is then expected at $8,690 (.382 FIb Retracement) and $8,474 (200-day EMA).
Where is the resistance toward the upside?
On the other hand, if the buyers continue to drive BTC higher the first level of resistance lies at $9,783 (bearish .886 Fib Retracement). Above this, resistance lies at $10,000, $10,287, $10,432 (2020 high), and $10,716.
This is followed by added resistance at $11,000 and $11,332.
What are the technical indicators showing?
The RSI is beneath the 50 line to indicate that the sellers are in control of the market momentum. For a bullish push higher, we must see the RSI rising above the 50 line to show bullish momentum.