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

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

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

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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.