Bitcoin price is still trading firm above the crucial support level of $8,350. It has been more than two weeks since the Bitcoin price dropped from $9,600 to $8,300. Now, Bitcoin seems to be consolidating itself in the range of $8,000- $8,600. At the time of writing, the Bitcoin price is up by 0.42% at $8,421.
It seems like there’s strong support forming for Bitcoin near the $8,300 level. Moreover, the 61.8% Fib retracement level of the upward move from $7,763 to $8,934, is also near $8,300. If there’s a break below the $8,300 support area, the Bitcoin price could move back into a bearish zone.
The next key support area is near $8,250, below which it could move towards the $8,000 level. On the upside, there is a major hurdle forming near $8,500 and $8,550. A convincing close above the $8,550 resistance area could set the tone for more upside in coming trading sessions.
Meanwhile, cryptocurrency analysts predict that the Bitcoin price will trade sideways before moving northwards. Some crypto analysts are now comparing the fractal of 2018 to the present, and they suggest that the Bitcoin price has now found a bottom, with nowhere to go but up.
A crypto analyst called “The Crypto Monk” compared the fractal in November 2018 to today’s scenario. Then Bitcoin fell from $6,000 to $3,000, after which the price traded sideways for a long time, followed by explosive growth. His idea was supported by another analyst called “CryptoDamus”.
Popular trader Josh Rager expressed a similar idea. He believes that this time, the market will not be moving sideways for as long as it did a year ago.
Likewise, the trader “CryptoHamster” has observed that the sideways channel on the 50% Fibonacci retracement level is a signal of a bigger move approaching. “BTC will either go above the previous trading zone and 23.6% Fibo, where a lot of shorts stops are concentrated, or BTC will go below the previous trading zone and 61.8% Fibo, where a lot of the longs stops are concentrated,” he stated.
He further stated that Bitcoin will either ‘go up or down’ and that is pretty obvious, but it would be more interesting to see where it goes. On the high side, 23.6% Fibo shows resistance just below $8,600 while a drop lower to the 61.8% line takes it back to $8,200.