Key Support Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Bullish
Bitcoin is in an uptrend and has successfully taken the first step to breach the $8,800 resistance. The bulls are now battling to break $9,200 resistance. The market will attain a high of $9,600 if the bulls overcome the resistance at $9,200. In the same vein, if $9,600 is also breached, BTC will rally above $10, 000. However, if the bulls fail to break above $9,200 resistance, the market may be compelled to a sideways trend.
Daily Chart Indicators Reading:
Bitcoin is above 20% range of the daily stochastic. The bullish momentum has resumed as Bitcoin rises above $9,000. However, price is still below the 21-day and 50-day SMAs which indicates that price is still in the bearish trend zone.
BTC/USD Medium-term Trend: Bullish
On the 4- hour chart, the bulls have successfully broken the $8,800 resistance. However, the battle has shifted to $9,200 resistance. The bulls have tested the resistance on three occasions without success. The price is now fluctuating below the resistance at $9,200.
4-hour Chart Indicators Reading
Bitcoin is rising, simultaneously along with the Relative Strength Index level 62. It indicates that BTC is in an uptrend zone. Bitcoin is likely to rise as it is above centerline 50. The SMAs have made a bullish crossover as the 21-day SMA crosses over 50-day SMA.
General Outlook for Bitcoin (BTC)
Bitcoin is now trading above $9,000 but below $9,200. It is currently facing resistance at $9,200. The pair may be compelled to a sideways trend if the bulls fail to overcome. It will show that the bulls lack strength and buying power at high levels
Instrument: BTC/USD
Order: Buy
Entry price: $9,113
Stop: $8,500
Target: $9,500
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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