For the past 24-hours, Bitcoin has been trading below $9500 despite struggling to break away from a tight area since late October. Currently, BTC is priced at $9400 after seeing a small price increase of +1.12% overnight. However, if the price can close well above the $9500 today, we can expect $10000 to come into play before the weekend.
Bitcoin (BTC) Price Analysis: 4H Chart – Neutral
Key resistance levels: $9600, $9800, $10000
Key support levels: $9200, $9000, $8820
The symmetrical triangle pattern has continued to make Bitcoin look indecisive for the past few days now. Meanwhile, a potential big move is around the corner as the price approaches a tight angle. The sideways movement is much playing out on the MACD but the RSI is now gearing for an upward move after finding support at the 50 levels. If the RSI continues to show strength, Bitcoin may go bullish soon.
The immediate resistance to watch out for is $9600, $9800 and $10000. But the ongoing indecisiveness may not give us a clear picture of where Bitcoin is heading next. In case of a down surge, the price could drop to $9200, $9000 and $8800 within the shortest period. At the moment, the next actual direction for BTC is yet to be ascertained on the 4-hour chart.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
But looking at the hourly chart, Bitcoin is stylishly making a bullish swing. While creating a rising channel pattern, BTC has been finding it difficult to continue the upward move above the $9500 since yesterday. Today, Bitcoin is still looking for a strong buy to shoot price towards the channel’s resistance at $9700. Meanwhile, $9500 and $9600 resistances are important for the next major move.
The RSI is currently shooting high following the $9200 rebound during yesterday’s trading. Also, the MACD is preparing for a new bullish rally. Considering the last two hourly evening star, Bitcoin could reverse a bit to $9300 support if it plays out. A further drive may cause BTC to move out of the channel to $9150 and $9000 on the downside.
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.