Bitcoin (BTC) Retests Broken Key Levels, Likely to Move Soon
Login

Bitcoin (BTC) Retests Broken Key Levels, Likely to Move Soon

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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

BTC/USD Long-term Trend: Bullish
The bulls have held on the price above the $9,000 support for the past four days. Nonetheless, the coin has been fluctuating below the $9,600 resistance. The coin has fluctuated and fallen to a low of $9,200.It is expected that BTC finds support at $9,200 or $9,000 and resumes the upward move. It will portend negatively if the bears break below the $9,000 support level and the price drops to $8,800. On the other side of the coin, if the support holds either at $9,000 or $9,200, the upward move will resume.

BTC/USD - Daily Chart

Daily Chart Indicators Reading:
From the stochastic indicator, Bitcoin is now trading in the overbought region above the 80% range. This implies that at the overbought region the bulls will not be available to push BTC upward. In other words, sellers will be available to push BTC downward. Presently, the coin is under bear’s control, as Bitcoin depreciates. Meanwhile, the SMAs are still pointing northward indicating the uptrend.

BTC/USD Medium-term Trend: Bullish
On the 4-hour chart, the upward move terminated at the $9,500 price level. After the bulls were resisted, the downward move ensues. The price drops to the support of $9,200. It is unclear whether the downward move will persist. However, if the selling pressure persists the market will fall to $9,000.

BTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The 12-day SMA is currently holding as support for Bitcoin. The market will further depreciate if price breaks below the 12-day SMA. Meanwhile, the Relative Strength Index period 14 level 55 indicates that Bitcoin is in the uptrend zone. Bitcoin can rise again.

General Outlook for Bitcoin (BTC)
Bitcoin retraces to a low of $9,286 as the market faces another key resistance. Nonetheless, the current price level is the historical price level of July. In July, the market was consolidating at that price level before selling pressure resumes. At the moment, we expect an upward move to continue.

BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $9,352
Stop: $9,000
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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News