Bitcoin (BTC) Finds Support above $8,500, Targets $9,500 Resistance

Bitcoin (BTC) Finds Support above $8,500, Targets $9,500 Resistance

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

BTC/USD Long-term Trend: Bullish
On April 30, BTC reached a high of $9,500 but began to retrace after the coin was overbought. Price retraced to $8,500 and continued fluctuation between $8,500 and $9,500. On April 29, the bulls were attempting to break the resistance line of the channel but could not. Bitcoin will resume its uptrend once the resistance line is broken and price closes above it.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
Presently, Bitcoin is at level 72 of the Relative strength index indicating that the coin is in an uptrend zone. The crypto is also in the overbought region. Sellers have already emerged as the market fell to a low of $8,500. The uptrend will continue as BTC is above the centerline 50. The moving averages have indicated a bullish crossover.

BTC/USD Medium-term Trend: Bullish
On the 4– hour chart, the market was consolidating between $6,800 and $7,200 before the commencement of price spike. Then we have another consolidation before the price rally. Today, price is fluctuating above $8,500.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The market reached the overbought region after the price rally. BTC is below 80% range of the daily stochastic. The stochastic bands are making a U-turn upward indicating a bullish momentum.

General Outlook for Bitcoin (BTC)
Bitcoin is trading above $8,500 to resume the upward move. The market is likely to reach a high of $9,500 if the resistance at $9,200 is breached. Conversely, if the bears turn around and break below $8,500, BTC will fall to $8,000 low.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.