Key Support Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Bullish
Following a week of range-bound movement between $9,200 and $9,600; the bulls finally broke the resistance at $9,600. Bitcoin is now trading above $9.700 at the time of writing. As the bulls break the upper price range; it is a positive sign that the bulls are in control of price.
On the upside, if the market breaks at the current price level, the pair can still rally above $10,300. On the downside, it is unlikely for the bears to turn down and break below $9,600 and continue the downward move.
Daily Chart Indicators Reading:
The Relative Strength Index period 14 is level 69 indicates that Bitcoin is trading in the uptrend zone. It also mean that the coin will continue to rise. Nonetheless, if the RSI reaches above level 70, Bitcoin will be in the overbought region of the market. At this point, Bitcoin may begin to drop in value. This is largely due to the absence of buyers in the overbought region.
BTC/USD Medium-term Trend: Bullish
On the 4-hour chart, BTC is in an uptrend as the bulls break the upper price of $9,600. The coin is now trading above $9,700 as it pushes to the $10,300 price level. As the price reaches above the $9,700, the coin begins fluctuation above the current price.
4-hour Chart Indicators Reading
Bitcoin is now trading above 80% range of the daily stochastic. The stochastic bands are ranging above 80% range. This indicates that Bitcoin is trading in the overbought region of the market. It appears the coin may face selling pressure as there may be an absence of buyers in the overbought region.
General Outlook for Bitcoin (BTC)
The bulls are in control of price as they break above $9,600 resistance. The upward movement of the coin is doubtful as it reaches an overbought region of the market. In the overbought region, sellers take possession of price to push Bitcoin downward. The Relative Strength Index and the Stochastic are all supportive of the overbought region.
BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $9,767
Stop: $9,500
Target: $10,300
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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