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BTC/USD Long-term Trend: Bullish
The bulls have made a second appearance above the $9,000 resistance. Presently, buyers are still struggling to take possessions of price above the resistance. An upward move is likely but there is resistance at $9,200. BTC will rally above $9,500 if the resistance at $9,200 is broken. The price will have a free course to reach $10,000 resistance. On the other hand, if the bulls fail to break the resistance level, BTC will drop to $8,400 and later $8,000 support.
Daily Chart Indicators Reading:
Bitcoin is at level 74 of the Relative Strength Index indicating that the coin is in an uptrend zone. The crypto is also in the overbought region. The price action is showing some bullish signals. It is unlikely for sellers to emerge in the overbought region. The moving averages are having a bullish crossover indicating the uptrend.
BTC/USD Medium-term Trend: Bullish
On the 4– hour chart, the bulls have broken the $9,000 resistance but price is fluctuating above it. The bulls are yet to take total possession of price. At the moment, BTC is facing resistance above $9,000. A break above the resistance will mean continuity of the uptrend.
4-hour Chart Indicators Reading
BTC is currently below 80% range of the daily stochastic. The indicator is indicating a bearish momentum. However, this is contrary to the price action. The price action is indicating a bullish signal. Bitcoin is still fluctuating above the $9,000 price level.
General Outlook for Bitcoin (BTC)
Bitcoin is making steady growth as it reaches the high above $9,000. The uptrend will continue if the bulls scale above $9,200 resistance. This will further push price upward. However, if the bulls turn back from the resistance, the downtrend will resume.
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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