Bitcoin (BTC) Ranges as Dominance Falls

Bitcoin (BTC) Ranges as Dominance Falls

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bullish
Bitcoin is still trading in the bullish trend zone. We have entered the fourth day as Bitcoin continues to struggle below the $8,800 resistance level. On a daily bases, the bulls will test the resistance level and pullback. As the coins fluctuate below the resistance level, the coin is characterized by indecisive candlesticks like the Dojis and the Spinning tops.

These candlesticks describes the indecision between the buyers and sellers. Nonetheless, if the bulls succeed in breaking the $8,800 resistance, the market will move to the $9,500. Meanwhile, the fluctuation is ongoing below the resistance level.

BTC/USD - Daily Chart

Daily Chart Indicators Reading:
Bitcoin is in a strong bullish momentum as the stochastic bands are above the 80% range. It is possible that sellers may show up in the overbought region of the market. The purpose is to push the price downward. The EMAs are also showing signs of a bullish crossover indicating price rise.

BTC/USD Medium-term bias: Bullish
On the 4 hour chart, the price is in an uptrend. The coin is making a series of higher highs and higher lows. The uptrend is showing the support levels of price where traders can initiate long trades. The bulls are testing the resistance at $9,000, while the price pulls back.

BTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The RSI period 14 level 66 indicates that the market is above the centerline 50. It means that Bitcoin will rise. The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move.

General Outlook for Bitcoin (BTC)
For the past four days, Bitcoin is in a sideways trend. The upward move has been hampered at the $8,800 resistance level. The market is actually fluctuating between the levels of $8,600 and $8,800. In a couple of days to come, we should expect a price breakout or price breakdown. A bullish breakout will see the Bitcoin reached a high of $9,500. All the indicators are showing buy signals

BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,800
Stop: $8,000
Target: $9,500

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.