Bitcoin (BTC) Price Analysis –Sideways Movement Suspends Bitcoin On Bullish Momentum

Bitcoin (BTC) Price Analysis –Sideways Movement Suspends Bitcoin On Bullish Momentum

Since our previous crypto trading signals, Bitcoin’s price has dropped a bit to the lower trading range of $9300. Meanwhile, the bearish pin bar spotted during the London session has played out as a reversal during the New York session. However, the next major move is likely to surface during the Asian session. For now, Bitcoin is still keeping its sideways trend.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $9600, $9800, $10000
Key support levels: $9200, $9000, $8820

Above the $9000, Bitcoin is still looking bullish on the daily chart but last 10 days indecisiveness has suspended the bullish actions. For the past 24-hours, BTC has been finding it difficult to continue the late October surge which has stuck price actions at an average of $9200. Bitcoin’s breakout still remains at $9500, followed by $9800 and $10000 resistance.

BTCUSD, Daily Chart – November 6

In the opposite direction, Bitcoin currently held support at $9000 and $8800 but the $9200 support remains solid. The technical indicators have seen a little drop due to the ongoing bearishness in the market. We can expect a rebound if the $9000 support can hold.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin’s price has remained intact in the rising channel for the past week now. But now, the market has been trading sideways around the channel’s lower boundary since yesterday due to capitulation. Following the pattern formation, Bitcoin is expected to climb towards the upper boundary but volatility is contracting for a while now.

BTCUSD, Hourly Chart – November 6

If volatility expansion occurs, on the upside, BTC may spike to $9400, $9500, $9600 and $9700. On the downside, the $9100, $9000, $8900 and $8800 support may hold further selling pressure. As shown on the RSI, Bitcoin is currently looking bearish as the MACD shows that the bears are in play but the market is still in a bullish zone

BITCOIN BUY SIGNAL

Buy Entry: $9279
TP: $9551 / $9400
SL: $9200

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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.