Bitcoin (BTC) in an Upward Move, Faces Rejection at $9,000

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 fails to continue with its upward move as the bullish move was interrupted. The price fell back to the range-bound zone of $8,400 and $8,800. Bitcoin’s upward move is doubtful as the coin is still in the oversold region. What will propel the upward move is probably the emergence of the bulls at the oversold region.

In other words, if Bitcoin continues to stay in the oversold region without the emergence of the bulls, the consolidation will continue. Meanwhile, the market is falling in the confined range. In the previous day, it was heading toward the upper range but it is facing the lower range.

Daily Chart Indicators Reading:
Bitcoin is still in the oversold region. It is below 20% range of the daily stochastic. The interpretation is that selling has been overdone and buyers are expected to take control of price. As buyers emerge, the stochastic will make a U-turn upward.

BTC/USD Medium-term Trend: Ranging
On the 4- hour chart, the bulls were making an upward move to reach the $8,800 resistance. The movement was terminated as the price makes a comeback into the price range. The fluctuations will continue for a few days until a breakout occurs.

4-hour Chart Indicators Reading
The EMAs are sloping southward indicating the downtrend. The Relative Strength Index is level 47 indicates that BTC is approaching the uptrend zone. The coin is in the downtrend zone. It is also below the centerline 50

General Outlook for Bitcoin (BTC)
Bitcoin has established itself above $8,500 price level. Buying power dries up at a higher price level. Short term traders can take advantage of the price fluctuations in the range. The $8,800 is the upper price range; you can take short trade if the market is falling. Then you exit near the lower price range. The $8,400 is the lower price range; you initiate a long trade and exit near the upper price range.

Instrument: BTC/USD
Order: Buy
Entry price: $8,763
Stop: $8,300
Target: $9,500

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