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Bitcoin Medium-Term Price Analysis

Without an obvious catalyst, Bitcoin (BTC) price has experienced a flash crash early Friday trade. At the moment, the BTC market is experiencing low volatility after facing resistance at the $8,260 price level. The bulls had tested the $8,260 resistance level twice before falling to the support of the 26-day Exponential Moving Average. The market has fallen to a low at $7,745.10. On the downside, if the bears break the support of $7,745.40, the price of Bitcoin will decline to the $7,000 price level.

On the other hand, if BTC bulls defend the $7,745 support level, the price will climb to the previous high of $8,250 level. From the Fibonacci tool, the bears have broken the 0.236 and 0.382 retracement levels, an indication that BTC price has dropped to the downtrend zone. The downtrend is likely to continue to the 0.618 Fib. retracement level which was the previous support level. Later on, Bitcoin market will commence its upward trend to the previous h...

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