Bitcoin (BTC) Price Analysis – Bitcoin Prepares For An Upward Rally But $9200 Support Is Important

Bitcoin (BTC) Price Analysis – Bitcoin Prepares For An Upward Rally But $9200 Support Is Important

Yesterday, Bitcoin (BTC) shifted its trading price range to $9600 high and has continued to fluctuate to a lower price range of $9000 for a while now. The market appeared neutral on the 4-hour but has switched to a bullish trend on the hourly. Meanwhile, BTC is now sitting at $9278 support zone but may soon increase buying pressure any moment from now. Currently, we can expect BTC to keep moving within these ranges until a surge in volatility occurs.

Bitcoin (BTC) Price Analysis: 4H Chart – Neutral

Key resistance levels: $9800, $10000, $10350
Key support levels: $9000, $8820, $8600

Bitcoin is trading inside a symmetrical triangle on the 4-hour chart as the price warms for a breakout which might allow BTC to see another substantial increase soon. However, we may need to consider close resistance at $9600 before spiking to $10000 and $10350 on the upside.

BTCUSD-4H-Chart-November-5

The RSI is currently at the 50 levels to show that the market is still in favour of the bulls. Conversely, the MACD is lying straight at the zero level – suggesting a neutral trend, although it appeared bullish at the moment. Immediate support for Bitcoin is at $9000. In case of a further price loss, support may resurface at $8820 and maybe $8600.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

After Bitcoin was rejected yesterday at $9600, the price dropped to $9200 – where BTC tested the lower boundary of the ascending channel. Now, the price is attempting to retest the support area before rebounding to $9350, $9500 and $9700 in the next coming hours. Meanwhile, the $9100 and $9000 are still holding as support for the market.

BTCUSD, Hourly Chart – November 5

More so, a sharp drop may floor Bitcoin at $8900 on a short-term. Currently, the RSI is in a downward position, reflecting the latest price drop. But the MACD has held support at the zero levels after seeing a little downward move. Above all, we can expect Bitcoin to climb higher if the channel’s lower boundary can continue to function as support for the BTC market.

BITCOIN BUY SIGNAL

Buy Entry: $9312
TP: $9551 / $9692
SL: $8870

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Michael Fasogbon

Avatar

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.