Bitcoin (BTC) Price Analysis: Daily Chart – Bullish
Key resistance levels: $9800, $10000, $10350
Key support levels: $9200, $9000, $8820
Yesterday, Bitcoin managed to close above the $9400 to show the market is preparing for another bullish phase. This time, it may take us to $12000 but we need to clear the October 27 high at $10350 before we can validate a stronger surge. If Bitcoin can close well above $9500 today, $9800 and $10000 will be in view. Further resistance above lies at $10350.
For now, support to look out for is $9200 and $9000. Support below lies at $8820 and beyond. Another thing to note here is the RSI and the MACD which has signalled a bullish divergence for Bitcoin. We can expect more bullish sentiment to come into play in future trading.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
The last 24-hours rise has allowed Bitcoin to record a weekly high of $9644 after breaching the four days triangle pattern. As we can see on the hourly chart, BTC is constructing a new ascending channel which may take Bitcoin us to $10000 in the next rally. Currently, the market is retracing back toward the channel’s support at $9200 –$9100. Meanwhile, the $9000 – $8900 zones could serve as support if a channel break-down occurs.
Bouncing off the channel’s lower boundary would trigger a bullish impulsive move to $9350, $9500 and $9700 resistance. The RSI is bullish but now positioned in a downward direction. The MACD moving averages are now crossing to signal a potential sell, although remain positive at the moment.
BITCOIN SELL SIGNAL
Sell Entry: $9378
TP: $9189
SL: $9500
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