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Bitcoin (BTC) Price Analysis: Daily Chart – Neutral
Key resistance levels: $9600, $9800, $10000, $10350
Key support levels: $9200, $9000, $8820, $8500
On the daily chart, Bitcoin is following a sideways movement for the past 11 days now. The October 26 price cut at $10350 has made the BTC market to subdue with choppy price actions. Meanwhile, the insignificant volatility is making the trade to stay quiet and calm for a while.
While waiting, Bitcoin’s bullish are still defending the $9000-$8900 support zone, although the market has shown a bearish sign over the past three days now. If the market can stay above the descending channel, Bitcoin may activate a bullish mode to $9800, $10000 and $10350 resistance before testing further resistance. On the downside, a break beneath the $9000 may lead BTC to $8800 and possibly $8500 support.
We can see that the MACD has produced a bullish crossover to show that an incoming bullish momentum. However, the BTC/USD pair is locating support on the RSI mid-band. If the RSI 50 can hold well, we should expect a significant bullish surge to $12000 within a blink of an eye.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Now that Bitcoin has roaming on the triangle’s support, we may now consider the $9100 to be the next Bitcoin trading zone. Since the weekly opening, BTC has been cutting $100 from its daily price. On Monday, Bitcoin traded around $9500, Tuesday $9400, Wednesday $9300 and could probably close below $9200. However, $9000 is still holding as support, followed by $8900 and $8800 on a short-term bearish move.
If Bitcoin can hold support well at $9100, we may see a quick recovery to $9300, 9400 and $9500 on the upside. Meanwhile, the RSI is defiantly in a downward position to show a sign of weakness in price. On the MACD indicator, Bitcoin has seen a bearish cross, which suggested that selling pressure is more likely to become heavy in future trading.
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