Bitcoin has been finding it difficult to breach the $9400 resistance over the past days as the $9000 keep holding acting as solid support as well. These price zones mentioned above are important for Bitcoin’s major move in the coming days. Meanwhile, we can expect these zones to break as soon as volatility expansion occurs. As of now, Bitcoin is trading at $9180 after seeing a small price drops.
Bitcoin (BTC) Price Analysis: 4H Chart – Bullish
Key resistance levels: $9600, $9800, $9950
Key support levels: $9000, $8820, $8500
Earlier today, Bitcoin was rejected at $9400 resistance after managing to rebound at the $8961 support on October 31. The mentioned resistance has become a tough area for the long traders to surpass over the past days as Bitcoin now rolling back to the $9100 zones. Currently, BTC is showing a slight weakness in price and with that, we can expect immediate support at $9000, $8820 and $8500.
Moreover, the technical indicators are slowly sloping down to show that the price is weakening. Rising above the $9400 resistance is a good sign for a price gain as the next zones to watch out for is the $9600, $9800 and $9950 on the upside. Meanwhile, Bitcoin’s volatility is low at the moment as there’s a need for a price surge to determine the next actual trend for the market.
Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral
Bitcoin is rounding up for another rally as the market remains inside a symmetrical triangle pattern. Currently, the price is testing the triangle’s support at $9100 after making a double-top formation around the $9400 a few hours ago. Meanwhile, Bitcoin has been indecisive over the last six hours. If the triangle’s lower boundary can produce a rebound, we should expect the price at $9350, meeting the triangle’s upper boundary.
A break-down would bring the market to $9000 and below. A break-up would take the bulls straight to $9600 and above. But looking at the current RSI and MACD indicators, Bitcoin is already bearish as a further dip may cause Bitcoin to drop from the triangle formation. For now, Bitcoin is currently moving sideways.
BITCOIN BUY SIGNAL
Buy Entry: $9180
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.