Key Support Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Bullish
On January 10, after the bulls’ failure to break the resistance at $8,200, Bitcoin decides to fluctuate below the resistance. The coin fluctuates in a tight range of $8,000 and $8,200. The upward move has been temporarily scuttled by the bears. The price action is showing signs of a possible positive move of the coin.
For the past three days, the coin has been fluctuating in a confined range. Assuming the coin breaks out at $8,200, Bitcoin will break through the resistance and rally above $9,200. Conversely, if the bears break below $8,000, the market will fall to the low of $7,600. However, further selling will resume if the low of $7,600 cracks.
Daily Chart Indicators Reading:
Bitcoin is trading above the zero line of the daily MACD indicator. In other words, the MACD line and the MACD signal are above zero line indicating a buy signal. The exponential moving average has a bullish crossover as the 21-day SMA crosses above the 50-day SMA. This indicates that the price is rising.
BTC/USD Medium-term bias: Bullish
On the 4 hour chart, the coin is falling after resistance at $8,200.The price is falling to the 21-day SMA support. The fear is that Bitcoin may drop to a low of $7,600 if the selling pressure is allowed to continue. It is likely that the market will move up if the $8,000 support holds.
4-hour Chart Indicators Reading
The stochastic is indicating that the market is in bearish momentum. The price is below the 60% range of the daily stochastic. Meanwhile, the market has shown signs of bullish candlestick above the 21-day SMA support. The 21-day SMA and the 26-day SMA are pointing northward indicating that price is rising.
General Outlook for Bitcoin (BTC)
Bitcoin is currently in a sideways move as the bulls are yet to break the resistance level. In the same manner, the bears can spring a surprise and take advantage of the bulls’ inability to break the current level. The bulls and bears are in a stalemate above the $8,000 support level. On the upside, if more buyers are introduced, Bitcoin would have reached the $10, 000 mark.
BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,000
Stop: $7,500
Target: $10,300
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