- Bitcoin continues to struggle to break above the resistance outlined at $8,950 this week..
- The cryptocurrency has been trading sideways over the past 6-days of trading as the Block Halving draws near.
After surging by over 16% throughout the past week of trading, Bitcoin has decided to settle down as it struggles to break the resistance at $8,950. The Block Halving event is just a little over 6 days away now, however, it seems that the bulls are starting to struggle at the aforementioned resistance level.
Nevertheless, with the BTC Block Halving approaching, we can expect some form of positive price action above $9,000 in the following few days, we just need to be patient as it is only a matter of ‘when’ it will happen and not ‘if’ it will happen.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see the resistance at $8,958 providing solid resistance for the market over the past 6-days of trading. The resistance here is provided by a 1.618 Fibonacci Extension level and BTC has struggled to close above it. It has spiked above it a number of times during the week but the sellers always step back in to push the market lower each time it breaks above $9,000.
Short term prediction: BULLISH
Despite the sideways action, BTC remains bullish at this moment in time. To turn neutral, BTC would need to drop and fall beneath the support at $8,140. It would have to drop further beneath $7,400 to turn bearish again.
If the sellers do push lower, the first level of support lies at $8,800. Beneath this, added support can be found at $8,500, $8,300, and $8,141 (.236 Fibonacci Retracement level). If the sellers continue to drive BTC beneath $8,000, support can be found at $7,900, $7,700 (100-days EMA), and $7,500.
On the other side, the first level of resistance to breaking is $8,960. Above this, resistance lies at $9,090 (bearish .786 Fib Retracement), $9,163, and $9,500.
Key Levels
Support: $8,800, $8,500, $8,400, $8,300, $8,000.
Resistance: $8,860, $9,000, $9,090, $9165, $9,500.
