Bitcoin (BTC) Price Analysis – Downward Shift May Take Bitcoin To $9000 Despite Sideways Move

Bitcoin’s bearish actions have recently extended to the $9100 price areas during the New York session but now correcting at around $9200. We may see a more recovery back above the $9200 once the short-traders exit the market. And if Bitcoin keeps to its last 24-hours decline, we should be expecting a further price roll to the $9000 support zones. However, Bitcoin is now oscillating at around $9100 after losing -0.88% a few hours ago.

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.

BTCUSD, Daily Chart – November 7

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.

BTCUSD, Hourly Chart – November 7

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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