Bitcoin surged almost +50% gains over the last two days of trading, following the October 25 sudden price increase that made BTC hit $10500 – the September drop level. The price has dropped and Bitcoin is now trading at around $9500 which makes the market to remain bullish. However, Bitcoin is up by +3.92% and its dominance has risen to 68.3% at the time of writing.
Bitcoin (BTC) Price Analysis: Daily Chart – Bullish
Key resistance levels: $9800, $10000, $10500
Key support levels: $9033, $8800, $8400
Bitcoin has slightly moved out of the four months descending channel after finding support around $7300 last week. After seeing a price increase of about $3000 in two days, the BTC price has now slipped a bit near the $9000 support but now changing hands at around $9500.
A look at the daily chart suggests that the bulls are back in the market. As we can see, the crypto trading signals that RSI has turned back positive. We may see a climb back to $9800, $10000 and $10500 resistance. Conversely, the MACD is slowly turning positive but yet to produce a crossover.
Bitcoin is currently relying on the $9000 support. A break beneath the mentioned might cause the price to trade back inside the channel formation at $8800 and $8400. For now, the BTC/USD pair is following a bullish sentiment.
Bitcoin (BTC) Price Analysis: 4H Chart – Bullish
Looking at the bigger picture, Bitcoin is currently sitting on the medium-term channel’s support at $8800; which is a bearish breakout on the 4-hour chart. However, $8500 and $8200 support may further bolster as support if a bearish leg occurs.
Following the recent price cut, the RSI has sharply dropped from the overbought zone but now attempting to cross back to the above 70 levels. The MACD shows that the bulls are in play. We can expect the next resistance at $9800 and $10000. A further rise could allow BTC to test the $10200 and $10400.
BITCOIN BUY SIGNAL
Buy Entry: $9451
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.