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.


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

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