In our previous technical analysis, we have indicated to 9,612.00 level as a resistance pivotal level where Bitcoin was able to exceed this level till it reached to 10,500.00 level. And since that time, Bitcoin began to fall in a bearish channel range and broke 9,612.00 level to go in a downward trend till the currency reached 7,782.27.
Breaking 9,612.00 was a negative sign technically, as Coronavirus outbreak helped Bitcoin to go down as a result of the withdrawal of liquidity from the markets by investors and traders.
Bitcoin is currently trading at 7,906.01 by 6.38 GMT in a sideways range.
Bitcoin Technical Analysis
- Bitcoin trades in a sideways range.
- 7,782.27 represents the current pivotal support level for Bitcoin.
- 8,149.19 level represents the resistance level for Bitcoin.
- Bitcoin is trading outside the bearish channel.
- In case Bitcoin breaks the current pivotal support level 7,782.27, this will be a negative indication of the currency, where we may see Bitcoin falling towards lower levels.
- In case bitcoin remains above the support level 7,782.27 and breaching the resistance level 8,149.19, this will be a positive indicator and support a bullish path.