• A significant bullish rally is expected if Bitcoin can reclaim monthly high
Following a three days correction, Bitcoin saw a 7% drop to $9450 low yesterday after marking $10500 last week. Though Bitcoin has managed to recover back to where it’s now trading near $10000.The buyers appeared to have shown commitment again. So, we can expect a significant rally if the price further climbs. However, we may need to worry about bearishness if the price remains under $10000.
Key resistance levels: $10000, $10250, $10500
Key support levels: $9850, $9700, $9450
Bitcoin (BTC) Price Analysis: 4H Chart – Bullish
Bitcoin broke down from a rising wedge after witnessing a huge price movement over the past few days. This bearishness made BTC price to cut $1000, but the market bounced back following a long-wick rejection at $9450. The bounced was followed by quick gains to $9945 at the moment.
If Bitcoin continues to show strength, the next resistance to watch is $10250 and $10500. Meanwhile, the $10000 resistance is an important break level. If the price fails to break this resistance level, Bitcoin may retest $9850 support.
It may even roll back to the blue support area of $9700. Below this support lies $9450, which was yesterday’s low. Considering the latest buying pressure, Bitcoin is expected to grow more in the coming days.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
After losing momentum to $9450, Bitcoin found support and started a fresh increase at $9700 support – the blue zone on the hourly chart. The upward movement was followed by a breakout from a descending channel that held Bitcoin’s price for four days.
This price break is almost reaching a significant resistance at $10000 – the red area. In case the buyers overcome this crucial resistance, the next level of resistance here is $10250 and $10350 at the subsequent red area. Surpassing these red zones would allow Bitcoin to reclaim the monthly high of $10482.
On the other hand, Bitcoin’s support is located at $9900, $9800 and $9700 in the blue zone. A drop below this blue zone would trigger a bearish continuation. But for now, bulls have taken over. We should expect a massive increase in the next few days.
BITCOIN BUY ORDER
Buy: $9913
TP: $9400
SL: $9750
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