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.


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

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