Bitcoin Price May Face further Selling Pressure after Consolidation above $8,500

The Bitcoin price (BTC) consolidates at $8,750 level in readiness for the next price move. As Coinidol.com reported before, the BTC will continue its downward move if the $8,750 price level is breached.

Bitcoin Price Long-Term Prediction: Ranging 

Bitcoin has continued to drop after a price rally in October. The market has fallen from $9,500 to $8,750 at the time of writing. There is the tendency of price continual fall. One of the reasons is that the price is now in the bearish trend zone. Besides, we can say that the bears have broken the $9,000 critical support level. 

The selling pressure may continue as the downward move may not face any resistance until the coin finds support at $8,000. Today, BTC is consolidating above $8,750 support level which was the previous resistance in May. Bitcoin will fall to a low at $8, 000 if the bears break the current support level. Meanwhile, if the price bounces at this level, BTC will rise to retest the $10,000 price level.

Bitcoin Indicator Reading 

We are expecting that if the price bounces after consolidation, the coin may break the downtrend line. This will propel BTC to resume its bullish move to the previous highs. Likewise, the coin will fall if the bears break the support line. Meanwhile, the price is below the EMAs which suggest that Bitcoin will continue its downward move.

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand zones: $7, 000, $6, 000, $5,000

What Is the Next Direction for BTC/USD?

Bitcoin is trading in the oversold region below 20% of the daily Stochastic. This implies that Bitcoin is in a bearish momentum. From the price action, the price is in the bearish trend zone which implies that the coin is in a downward move. Bitcoin is having more sellers than buyers at the upper price level which is responsible for price fall.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.