Bitcoin’s trading has continued to struggle between tight ranges of $9000 – $9400 for some days now. The sideways move was due to the flash drop from $10350 in late October and most especially a sign of capitulation in the market. Bitcoin may remain in a range-bound if the above price zones hold tight. However, the crypto trading signals a potential rise for the BTC market.
Bitcoin (BTC) Price Analysis: Daily Chart – Bullish
Key resistance levels: $9800, $10000, $10350
Key support levels: $9000, $8820, $8500
The October 25 spike renewed a bullish sentiment for Bitcoin but the calmness has recently made the market indecisive for the past few days. Of course, the reasons for the current price actions could be attributed to a lack of interest amongst traders. We may see a bullish trap if Bitcoin plummets back to the $8000 zones. Meanwhile, close support lies at $9000, $8820 and $8500.
Gaining value above the $9400 may rekindle the past week positive move as $9800, $10000 and $10350 would be the next long target for BTC. As we can see, the MACD is currently positive as well as their RSI, which is finding support at the 50 levels. This suggests that Bitcoin is still keeping a bullish momentum on the daily chart.
Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral
The triangle formation is still making Bitcoin indecisive on the hourly chart. Yesterday, the price touched the lower boundary of the triangle and now we should expect a bounce to the upper boundary, where the $9350 resistance lies. Above the triangle, a quick rise should bring us to $9570 and $9800.
Below the triangle, Bitcoin may find support at $9000 – $8900, which has been a key rebound area for some days. More so, we can see that the RSI is rising back after seeing a sharp fall yesterday. Bitcoin is likely to gain strength as soon as the MACD leaves its negative zone.
BITCOIN BUY SIGNAL
Buy Entry: $9180
Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.