Bitcoin has continued to maintain $9200 as its average weekly price after showing equilibrium in the demand and supply over the past few days. Currently, the market has seen a relative price reduction over the past two days now and at the same time traded below the $9400 since yesterday. If Bitcoin can break away from a tight range of $9000 – $950, we can expect the market to go either way. At the time of writing, BTC is correcting loss of -0.75%
Bitcoin (BTC) Price Analysis: 4H Chart – Neutral
Key resistance levels: $9600, $9800, $10000
Key support levels: $9200, $9000, $8820
Even though Bitcoin appeared indecisive on the 4-hour time frame but there’s a high probability of making a bullish move. If we look at the technical indicators reading, Bitcoin is managing to stay positive despite the recent price cut to $9200. This trading zone has been supporting the market for a while now.
If the mentioned support could no longer hold, BTC may short support to $9000 followed by $8820. However, a bounce could allow the market to test the $9500 resistance again. Above this resistance lies the $9800 and $10000. It’s important to note that Bitcoin is now forming a triangle pattern as a surge in volatility is imminent.
Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral
From the hourly outlook, Bitcoin is moving sideways with price bars spotted in a symmetrical triangle – which might cause a significant price surge soon. We can see that the last 24-hours trading has been in favour of the bear while a neutral trend plays. If the bears drive the price below the triangle formation, Bitcoin may find the nearest bottom at $9100 and $9000.
The MACD and RSI are currently showing a sign of weakness due to the latest price drops. Should a positive move occurs, BTC could surge to $9400, $9500 and $9600 above the triangle. Nevertheless, the leading cryptocurrency is still struggling to move out of a controversial price area.
BITCOIN BUY SIGNAL
Buy Entry: $9271
TP: $9551 / $9591
SL: $9100
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