The Bitcoin struggle may continue as the price remains below $8000 price area. The BTC Bears are currently pushing the price lower towards $7700 area. Let’s check the Bitcoin Technical Analysis for more levels and insights.
March 11, 2020, | AtoZ Markets – Bitcoin Bullish trend is currently retracing lower with certain consolidation in the process. The Bulls bounced from the support area of $7700 with a daily indecision bar. As Bitcoin struggle continues further correction may be observed in the coming days.
Bitcoin recovered its loss today quite well after a certain bounce from $7700 area to $8000. The BTC recovery led cryptocurrencies market to have some decent gains in the process. As a result, many crypto coins have recovered more than 5% by now. Recently, the cryptocurrencies market was in uncertainty and fears of the economic crisis because of the Coronavirus outbreak. Though Bitcoin was considered as a safe-haven like Gold, but it did not manage to get a piece of the investment.
Moreover, Bill Herrmann, CEO of Alternative Investment Banking Firm Wilshire Phoenix said, “The recent drop in the price of bitcoin is a result of the sudden and fierce decline among most asset-classes over the last several weeks.”
Bitcoin Struggle may Continue until Price Breaks above $8000
Bitcoin recover higher and reached $8000 area but failed to sustain. The price is currently pushing lower, may retest the support at $7700 again. BTC Bulls are still active now and may push the price higher in the coming days.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, the price is currently residing near $7850 area, and Bitcoin struggle may continue as Bears remain strong. Bitcoin may touch $7700 support area again before continuing the Bullish trend. In this case, if the Bulls maintains the price above $7700 area, the Bullish pressure may sustain higher towards $8500 level.
Moreover, the dynamic level of 20 EMA is residing above the current price, along with the Kijun line. It may help the price to recover higher. Besides, the MACD histogram volumes are squeezing upward gradually and the MACD line cross over in the making. As per the current scenario, Bulls are currently quite active to make a climb towards $8000 or higher in the process.
Bitcoin may Bounce from $7700 Support Area
According to the Daily Chart, the BTC is now trading at $7800 area and may decline again to $7700. As per daily chart price action, if Bitcoin breaks above $8000 area, the Bullish trend may continue with the target of $9000 in the coming days. Alternatively, If the price break below $7700 area with a strong daily close, the Bears may take over the Bulls and push the price further lower with the target of $6500 area.
Image: Bitcoin Daily Chart
Currently, the dynamic level of 20 EMA is residing above the current price, along with the Kijun line and the Tenkan line. The dynamic levels can pull the price higher as Mean Reversion while MACD Bullish Divergence is in the making around $7700 area.
To conclude, Bitcoin Bulls are still active at $7700 and may push the price higher towards $8000. Until the price remains above $7700, Bulls may sustain their momentum.