Bitcoin Price Prediction: The Bearish Momentum Remain Strong as BTC/USD Price Dives Below $8,000

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Bitcoin (BTC) Price Prediction – October 6

The cryptocurrency market has remained gloomy since the massive decline of 24 September 2019.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $9,000, $9,500 $10,000

Support Levels: $7,000, $6,500, $6,000

BTCUSD – Daily Chart

BTC/USD has been struggling to maintain its position above $8,000 and its price saw another dive below the $8k mark today. The coin is in a dangerous position as the price slipped below the critical support level of $8,000 during early Asian hours. If the breakthrough is confirmed, the downside momentum will gain traction with the next focus on $7,500. At the time of writing, Bitcoin was trading below the moving averages of 9-day and 21-day at $7,836.26 with a decline of 3.82% on the daily price chart.

Moreover, if we look at the price movement of BTC since the beginning of the year, we can see that the coin has registered a growth of over 100% in the past 9 months. BTC/USD started the year trading at $3,716.36 and reached $12,948.87 before starting the downward journey. In the last 90 days, the highest recorded price of BTC was $12,597 and the coin is capable of moving past this value in the upcoming months.

However, should BTC price failed to move up; we may see a price cut to $7,500 vital support. A further low drive could send the price to $7,000, $6,500 and $6,000 support levels while the resistance levels to watch are $9,000, $9,500 and $10,000. MACD indicator suggested a probable bullish crossover in the near future. This bullish crossover falls in line with the descending channel mentioned earlier.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, the bears have been dominating the market tremendously, but the bulls are trying to defend the $7,800 support as well. Meanwhile, the $7,600 and below may come into play if BTC breaks below the mentioned supports.

BTCUSD – 4 Hour Chart

But in as much as the buyers can reinforce and power the market, traders can expect a retest at $8,000 resistance level and breaking this level may further allow the bulls to reach $8,200 and above. The stochastic RSI is at the oversold zone which may turn bullish when faces up.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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