Bitcoin (BTC) Price Analysis: BTC Breaks Triangle Pattern As Selling Underways

After dropping from around $10500 over the weekend, Bitcoin has been roaming around the 9500 price zones, an indicator of weakness in buying pressure. Inversely, the bears appeared to be defending the $10000 resistance. Still, BTC is up by +2.60% overnight as we can expect a more positive move to play out if the buyers can override the $10000 resistance.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $9700, $9900, $10200, $10500
Key support levels: $9200, $9000, $8800, $8600

The daily chart presents a bullish trend for Bitcoin with the current price at $9434. The last three days price increase was characterized by a bullish candle which is now becoming choppy. This suggests that buying pressure is getting weak as the $10000 proves tough for the market to overcome, although $9800 is near support for the market.

BTCUSD, Daily Chart – October 28

If we can close above the $10000 today, Bitcoin’s price will proceed to $10200 and $10500 in no time. For now, immediate support lies at $9200. A daily close beneath $9000 may keep price back in a consolidation mode, testing $9800 and $9600. While the RSI shows that the bulls are present, the MACD revealed that the bulls are yet to gain momentum. A crossover should confirm a strong bullish momentum for Bitcoin.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin is breaking out of the triangle pattern after subduing with choppy price actions for two days. The bulls are losing momentum as the bears regroup back on a short-term. We may see a serious drop to $9200, $9000 and $8800 support if the supply becomes heavy. The interesting thing is that the technical RSI and MACD signal a bearish divergence. Considering the current reversal pattern, BTC is expected to lose value in the next few hours.

BTCUSD, Hourly Chart – October 28

Meanwhile, Bitcoin’s price can be unpredictable at times as we may see a bullish continuation amidst the bearish signal. In case of a false breakout, we may see a sharp rise to $10400 but the nearest resistance lies at $9600, $9800 and $10000. However, the short-traders seemed to be opening a position now.

BITCOIN SELL SIGNAL

Sell Entry: $9477
TP: $9100
SL: $10000

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