Bitcoin (BTC) Is Making a Comeback; Can the Resistance at $9,600 Be Breached?

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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: Bearish
The pair has continued to consolidate within the confined range. Bitcoin is making an upward move between $8,400 and $8,800. The price reached the upper price range and was repelled. This has been the scenario since February 26. Nonetheless, Bitcoin is already in the oversold region at the current market price.

Interestingly, in the oversold region selling has been exhausted. It is unlikely for BTC to continue its downward move. In the oversold region, buyers are expected to emerge to take control of price. Today, BTC is likely to rise if buyers emerge in the oversold region. On the upside, if the bulls break $8,800 resistance, the next target will be $9,600.

Daily Chart Indicators Reading:
Bitcoin is currently below 20% range of the daily stochastic. The stochastic bands are below 20% range but are horizontal. In the oversold region, Bitcoin is said to be in a strong bearish momentum. As buyers emerge, the stochastic will make a U-turn. It is worthy to note that Bitcoin will remain in the oversold region as long as bulls delay.

BTC/USD Medium-term Trend: Ranging
On the 4- hour chart, the bears are testing the $8,500 support level but could not break below it. However, the testing of the support level will make the support to be weak. Meanwhile, the price is fluctuating between $8,400 and $8,800.

4-hour Chart Indicators Reading
The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend. The Relative Strength Index is level 49 indicates that BTC is approaching the uptrend zone. The coin is in the downtrend zone.

General Outlook for Bitcoin (BTC)
Today, BTC is making an upward move but was resisted at the $8,800 price level. The pair is fluctuating in its confined range. In the daily time frame, Bitcoin is said to be in an oversold region indicating that there is a possible rise in the nearest future.

Instrument: BTC/USD
Order: Buy
Entry price: $8,810
Stop: $8,300
Target: $9,500

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