BTC correction started from the support area at $7,941.

Bitcoin established new local lows on the Hourly chart yesterday. However, bears were unable to develop their progress as a correction started from the support area at $7,941.

BTC price has tested this area twice and jump off it, aiming the closes resistance area at $8,128. BTC/USD stays here currently and tests this level from below. Bitcoin price is far below the Ichimoku cloud meaning bears are domination the market.

We have drawn a local descending trend line, which prevents Bitcoin from moving higher in the moment of writing. The currency pair has lost 1.98 percent in the past 24 hours.

The possible scenarios for the currency pair are the following:

1. Bitcoin will break through the resistance area at $8,128 and continue to grow towards the next resistance area at $8,366. However, bulls will have to enter the Ichimoku cloud in order to reach the next goals.

2. BTC/USD will jump off the current resistance area at $8,128. The currency pair will likely to decline towards the next support area at $7,941.

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

Bitcoin has almost left the Ichimoku cloud on the daily chart but there is no momentum meaning it will test the indicator again. The situation remains unclear as there are no signs of any tendency currently.

Check the full crypto analysis HERE