Bitcoin (BTC) Fights On, Retake Lost Ground

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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: Bullish
In the last 24 hours, Bitcoin has been struggling to penetrate the resistance at $8,800. In the previous days, the bulls overwhelmed the bears as more resistances were broken. The coin is now in a sideways move as the bulls fail to jump over the resistance.

In the meantime, the pair can adopt the same momentum to break the resistance at $8,800. A break above $8,800 will make the price rally close to $10,000 mark. Conversely, the bears may put up a fight and resist the upward move. Bitcoin may be compelled to a sideways move if the resistance at $8,800 remains intact.

Daily Chart Indicators Reading:
The Relative Strength Index (RSI) period 14 level 68 indicates that price is approaching the overbought area. It also indicates that the price is above the centerline 50. Bitcoin has a chance of an upward movement. The 21-day SMA and the 50-day SMA are pointing northward indicating the upward move.

BTC/USD Medium-term bias: Bullish
On the 4 hour chart, a large bullish candlestick broke the resistance since January 14. The price is now testing the resistance at $8,800 unable to break it. The price is clustering below the resistance in a sideways move. Bitcoin is taking a breather as price consolidates. An upward move is possible after the consolidation.

4-hour Chart Indicators Reading
Bitcoin was at the overbought region of the daily stochastic when the coin reached the $8,800 price level. However, as the coin fell, the stochastic dropped below 80% range. In other words, the coin is in bearish momentum. There is a likelihood of it turning into bullish momentum as the price is about to move up.

General Outlook for Bitcoin (BTC)
Bitcoin is likely to face one more hurdle before the $10,000 mark. The price bars are beginning to form below the $8,800 as the bulls are yet to break the resistance. Nevertheless, the bulls are making a second attempt to break the current resistance. It is most likely a breakout will occur. Traders can place buy pending orders at $8,900. Then a stop loss can be placed below $8400.

BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,800
Stop: $8,000
Target: $10,300

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