Bitcoin (BTC) Price Analysis – Short-Term Technical Indicators Signal Sell For Bitcoin

Bitcoin (BTC) Price Analysis – Short-Term Technical Indicators Signal Sell For Bitcoin

Bitcoin’s price continues to hover around $9350 after falling sharply from the $10500 area during last weekend’s trading, although held support at the $9000. BTC is keeping a bullish momentum as the price may also fall seriously if a bearish step-back occurs. However, BTC seemed to have made a reversal as more upward movement is likely to play out in the next couple of days. But for now, the trend is still in a consolidation mode as traders may be caught unaware in the next rally.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $9600, $9800, $10000, $10480
Key support levels: $9200, $9000, $8800, $8600

Bitcoin’s price is trading above the descending channel, which corresponds with the $9300 price zones. The BTC/USD pair is now consolidating for the past two days after meeting rejection at the $10480. Despite the price drop, Bitcoin is still bullish above the $9000 support as the price may go up to $ 9600, $9800 and $10000 if the bulls can show a strong commitment to trading.

BTCUSD, Daily Chart – October 29

Meanwhile, further resistance lies at $10480 and above. On the downside, Bitcoin held supports at $9200 and $9000. A break-down may cause Bitcoin to roll at $8800 and $8600. The technical RSI indicator is bullish at the moment as the MACD saw a slight cross, but yet to confirm a bullish trend for Bitcoin.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Following the ongoing price variation, Bitcoin has found support on the triangle’s support but the important question now is that, can it hold above the yellow line? The London session closing will determine whether it will hold or not. However, if the price penetrates beneath the triangle, Bitcoin may further look for support at $9200, $9100 and $9000 as further drive might allow the bears to regain control.

Bitcoin (BTC) Hourly Chart – October 29

Inversely, buying pressure is likely to keep the buyers in shape as potential resistance lies at $9550, $9700 and $9950 before we can see a climb back above the $10000 zones. The MACD is currently moving sideways to show that there’s price stability in the market. The RSI is now bearish after leaving the overbought region on October 26, suggesting the bears are slowly stepping back!


Sell Entry: $9355
TP: $9100
SL: $10000

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Author : Michael Fasogbon


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.