Key Demand Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Ranging
Expectantly, the bulls have broken the $7,600 and $7,800 resistance level. This impressive run has been on for the past three days. The bulls have had the upper hand as price breaks the major key levels. Nonetheless, the bulls are not yet done but are facing resistance at the $8,000 price level.
The coin is currently retracing after the resistance. Bitcoin will resume if it retraces but finds support in one of the broken levels. Assuming, the market found support and resume the bullish move, Bitcoin will rise and test the $9,200 and $10,300 price levels.
Daily Chart Indicators Reading:
Bitcoin is now trading above 75% range of the stochastic indicator. The market is in a bullish momentum and it is approaching the overbought region of the market. However, the price is also approaching the downtrend line. A break above the downtrend line and the price closes above it; indicates that the downtrend has been terminated.
BTC/USD Medium-term bias:
On the 4 Hour Chart, Bitcoin fell to its low at $6,400 and began an upward move. Firstly the market went up and reached a high of $7,400. It pulled back but was resisted at $7,600 price level. Yesterday the bulls had a bullish run but were stopped at $8000. The market is retracing to the support at $7,800.
4-hour Chart Indicators Reading
The exponential moving averages have a bullish crossover. The 12-day SMA crosses above the 26-day SMA signaling the uptrend. The Relative Strength Index period 14 level 70 indicates that Bitcoin is in the bullish trend zone.
General Outlook for Bitcoin (BTC)
Bitcoin has reached the critical supply zone for a probable upward move. The fact remains that a break above the $7,800 will propel the price to reach a high of $9,200. In the same vein, if the uptrend is sustained, the price will rally again at the $10,300 price level. Traders should lookout to buy a setup where the price might likely find support to initiate long trade.
BTC Trade Signal
Instrument: BTC/USD
Order: Buy Limit
Entry price: $7,600
Stop: $7,100
Target: $9,200
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