Bitcoin (BTC) Attempts Uptrend, Battles Downward Correction

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RESULTS

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Ranging
Bitcoin (BTC) has continued to consolidate after two unsuccessful attempts at the $10,400 resistance. The coin is fluctuating between $9,400 and $10,250. After the last breakdown, BTC reached a low of $9,400 and pulled back. The bulls have continued their upward move after the pullback. Luckily, the bulls have pushed the price above $9,800 resistance.

It is anticipated that the next target price is the $10,250 resistance. However, this resistance level has been tested on two occasions in February without breaking it. This current move will be the third attempt. Bitcoin will rally above $11,000 if the bulls are successful in their third attempt.

Daily Chart Indicators Reading:
Bitcoin is currently trading below a 50% range of the daily stochastic. However, the stochastic bands are making a U-turn upward. This indicates that the previous bullish trend has been exhausted. The pair is currently in a bullish momentum. The bulls are attempting to break above support line of the ascending channel. The upward movement will be in a proper perspective if the bulls are successful.

BTC/USD Medium-term Trend: Bearish
On the 4- hour chart, the upward move terminates below the $10,000 resistance. In the previous upward move, the coin was repelled at the $10,200 and $10,250 resistance. The bears are gradually closing down the support level. It is not likely if the bulls will push above $10000 price level.

4-hour Chart Indicators Reading
Bitcoin has risen to level 60 of the daily Relative Strength index which indicates that the price is in the bullish trend zone. BTC is likely to rise as it is above the centerline 50. Meanwhile, the 21-day SMA and the 50-day SMA are sloping horizontally.

General Outlook for Bitcoin (BTC)
Bitcoin is making an upward move and it is approaching the $10,000 resistance. The bears will sink the price again to the low of $9, 000 if the bulls fail to break above $10,250 resistance. Eventually, if the $9,000 support is broken, the downtrend will resume.

Instrument: BTC/USD
Order: Buy
Entry price: $9,894
Stop: $9,400
Target: $10,250

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