Bitcoin (BTC) Price Analysis – Bull Hope Rises On A Fresh Month As $9000 support Holds

Bitcoin (BTC) Price Analysis – Bull Hope Rises On A Fresh Month As $9000 support Holds

Against the US Dollar, Bitcoin’s price is flagging and struggling with $9000 from below and $9400 from above. Since BTC touched $10350 on October 26, the price has seen a substantial decrease, although Bitcoin now opens at $9100 on a fresh month. The next coming days should give us a clue on where the price is heading next. At the moment, Bitcoin is down by -0.77%.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $9400, $9950, $10350, $12000
Key support levels: $9000, $8820, $8500, $8300

Bitcoin is trading slightly above the 5 months descending channel with support at $9000. The temporal bullish signal is yet to validate above the $10350 resistance. Meanwhile, we should see a complete bullish reversal if Bitcoin spikes significantly above the 2 years triangle’s resistance at $12000. But now, the channel break-up appears false at the moment.

BTCUSD, Daily Chart – November 1

From above, we need to watch out for the $9400, $9800, $10000 and $10350 resistances. From below, $9000 break may lead us back in the previous consolidation circle at $8800, $8400 and $8000 support. For now, BTC is bullish on the RSI along with a slight positive cross on the MACD to suggest that the bulls are stepping back. This time, we should expect a heavy buy in the next bullish phase.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Since October 25, Bitcoin’s volatility is decreasing as the trading creates lower highs of $10350, $99950 and $9428. These price zones are resistances to keep an eye on in the coming bull run, although BTC is losing strength at the moment as sellers target lower support at $8900, $8820 and $8600.

BTCUSD, 4H Chart – November 1

But the $9000 support is proving strong for the market to breach. Both the MACD and the RSI are slowing declining but still showing a bullish sign above their mid-levels. However, Bitcoin should continue bullish swing if $9000 support can continue to shield well.

BITCOIN BUY SIGNAL

Buy Entry: $9070
TP: $9400
SL: $8890

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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.