Bitcoin (BTC) Price Analysis – BTC Signals Incoming Bullish, Can $9000 Provide a Rebound?

Bitcoin (BTC) Price Analysis – BTC Signals Incoming Bullish, Can $9000 Provide a Rebound?

Just like it was held before breaking in August, the $9000 support has again continued to hold tight against a bearish surge for the past four days now. The bulls are staying on top of the game as they hope for a rebound. On the 15 minutes time frame, Bitcoin has made a double-bottom and now looking for confirmation above the 100-day EMA which is more likely to produce another massive price increase to $12000 if it plays out.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $9550, $9950, $10350
Key support levels: $9000, $8820, $8500, $8300

Bitcoin’s daily candle has continued to close above the $9000 to show that the bulls are protecting their territory. Meanwhile, the bears are not relenting to take the price out of the $9000 zone. Fortunately, the bulls are strongly active as they target resistance at $9550, $9950 and $10350 in the next bullish run but they need to clear the $9350 resistance.

BTCUSD, Daily Chart – October 31

We can see that the RSI is showing a sign of strength. Despite the recent market scenario, the MACD is yet to validate a positive move which stalls the bullish continuation at the moment. If Bitcoin fails to provide a bullish crossover, the $9000 may turn weak as price may fall to the $8000 zones. For such a bearish move to occur, the $8820, $8600 and $8350 may be explored.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

The last 24-hours trading has produced a double-bottom pattern for Bitcoin on the hourly chart. This pattern may lead to massive buy if a break is confirmed above the yellow horizontal resistance ($9300). This time, Bitcoin price may hit $12000 but the closest resistance, for now, is $9500, $9750, $10000 and above. As we can see, the MACD indicator is giving a bullish sign but waiting for confirmation.

BTCUSD, Hourly Chart – October 31

Meanwhile, the market has found support at the RSI 50 level after a four days decline. Now, the buyers are getting ready for a perfect entry. However, if the bullish signal turns false, Bitcoin may break-down the descending triangle at $9000 support to $8800, $8600 and $8400, back in the grey consolidation box. Nevertheless, the bulls are currently defending their last defensive line on the $9000 zones.

BITCOIN BUY SIGNAL

Buy Entry: $9070
TP: $9512
SL: $8900

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Author : Michael Fasogbon

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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.