Bitcoin has lost 5.65 percent in the past 24 hours

Bitcoin jumped off its newly established support area at 8,130 and tested the resistance area at 8,366. BTC price is above the level at the moment of writing, but it is early to say whether BTC/USD has already crossed this level or not. There are no candlestick signals currently. Bitcoin price is far from the Ichimoku cloud but makes attempts to meet the indicator in the nearest future.

The possible scenarios for BTC/USD are the following:

1. Bitcoin will cross this $8,366 area and move further upwards to the next resistance area, which lies at $8,527.

2. BTC/USD will decline from the current 8,366 level towards the newly established local lows at $8,130.

3. The currency pair will stay close to the current level without significant changes.

Bitcoin stays within the Ichimoku cloud on the Daily chart. BTC price has almost reached the lower border of the formation and seems to have chances to change the direction.

Check the full crypto analysis HERE