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Bitcoin (BTC/USD) Choppiness Gives Way to Bearish Continuation

In our previous assessment, we anticipated some choppiness in Bitcoin (BTC/USD) before a subsequent bearish swing. This is exactly what materialized.

BTC/USD 1H Chart

Bearish Continuation:

  • In the last analysis, we noted a possible push towards the $8800-$9000.
  • More importantly, the 1H and daily charts gave different signals so a choppy couple of sessions could be expected.
  • We also noted that the bearish signs outweighed the bearish ones, so we thought price would eventually break into a bearish swing.
  • The 1H chart shows price dipping towards $8000.
  • I think we will see $8000 break as well, but we can anticipate some short-term rebound.
  • In the rebound scenario, we should expect resistance at $8300 and at most $8600.
  • A subsequent break below $8000 would open up the $7500 area. 

Bitcoin (BTC/USD) - $8200-$8400 is Resistance as Bears Remain in Control

Bitcoin (BTC/USD) - Expect Choppiness as Daily and 1H Charts Diverge