- Possible resistance at $ 9,800.4
- Possible support at $8.916.2
- This week’s highest: $9,938.3
- This weeks lowest: $9,263.071
- Last 1 months highest: $10,199.56
- Last 1 months lowest: $8,719.67
There is some resistance around $9,800.4. The next resistance sits at $10,328.7.
There is no major resistance before $9,800.4 and if it is cross resistance, $10,328.7 will be the next strong resistance.
If resistance of $9800.4 is crossed, price is likely to move towards $10,328.7 levels and further to target resistance at $10,684. However, if Bitcoin fails to cross the first resistance level, the price might settle around the next support levels at $8.916.2. If support of $8,916.2 is crossed, Bitcoin price is likely to fall below to $8,560.3 level.
1. Determining Bitcoin’s natural direction
With Bitcoin’s price hovering in past several days not providing clarity on mid-term trend, crypto trends during weekend can significantly provide insights into its direction. Also if experts are to be believed, natural director of Bitcoin’s price doesn’t appear to favor bulls, in light of BTC unable to break 10k even during an intense stock market rebound earlier this week.
2. Bitcoin price expected to fall in short term following upcoming expected U.S Market collapse
With high correlation seen over past three months between Bitcoin and stock market, in huge speculation of market correction of stock market in short term, experts also see strong possibility of Bitcoin to follow the trend.