After locating support around $8800 for over two days, Bitcoin now saw a sudden price increase to $9250 on Bitfinex – amounting to a +5% gains under 15 minutes of trading. The surge is making BTC trade at around $9025 at the moment. Due to the latest positive move, Bitcoin’s market cap is now valued at $162.9 billion with a trading volume of about $19.5 billion.
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
Key resistance levels: $9400, $9655, $9955
Key support levels: $8800, $8600, $8400
For the past few days now, Bitcoin is caught in a descending channel pattern on the 4-hour chart. On November 8, the market found support at the lower boundary of the channel, which appeared to have caused the current rebound to $9200 – although the buyers are now targeting the channel’s resistance at $9400. Meanwhile, Bitcoin may rise to $9655 and $9955 if the channel breaks up.
The RSI is currently attempting a break above the yellow diagonal resistance line but it appeared the 50 level is acting strong. However, the MACD shows that the BTC/USD pair remains under a bearish radar. If the price closes below the $9000 today, we may resume selling pressure as the next support could underways at $8800, $8600 and $8400. Nevertheless, Bitcoin is still bearish on the 4-hour time frame.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
Bitcoin has seen a triangle breakout on the hourly chart, although we may need to wait for a significant-close above the $9000 before initiating buy. Before the current surge, Bitcoin was trading at a low of $8800 a few minutes ago but has now touched $9250 within a blink of an eye.
As of now, the RSI has shown a bullish sign but the MACD is yet to produce a bullish crossover which is important to confirm a strong buy to $9200, $9400 and $9600 resistance. However, a false breakout could lead to a bullish trap as the Bitcoin may roll back to $8900 – $8800 support zones. If the BTC price further drives low, it could make the market to retest the $8700 – the November 8 low.
BITCOIN BUY SIGNAL
Buy Entry: $9047
TP: $9392
SL: $8890
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