Despite dipping below its 8-months trend line of $7800 and touching a daily low of $7318, Bitcoin managed to recover above its major support area of $8000 due to the recent short covering in today's session. We can see a small falling wedge pattern on the charts today which indicate a short term exhaustive buying in BTC if it sustain above $8200.
Bitcoin is taking the immediate support at $8000, below which the next key support area is $7800. On the upper side, it is facing resistance around $8500-$8600. A break above this level we can take target resistance to $9000.
However the long term technical outlook still seems a bit shady for Bitcoin as it is hovering around its 8 months trend line and traders are skeptical about the future of the digital assets amid all the negative news.
Bitcoin is taking the immediate support at $8000, below which the next key support area is $7800. On the upper side, it is facing resistance around $8500-$8600. A break above this level we can take target resistance to $9000.
However the long term technical outlook still seems a bit shady for Bitcoin as it is hovering around its 8 months trend line and traders are skeptical about the future of the digital assets amid all the negative news.