Bitcoin Price Analysis – Bitcoin Signals Fresh Rally Following $9000 Break, Where is it Heading Next?

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6 March 2020 | Updated: 6 March 2020

• Bitcoin finally overcomes $9000 after seeing a 2.1% increase overnight
• The next swing high may reach $9500 if buyers continue to show commitment

This week, Bitcoin has displayed a nice recovery; especially above the critical $9000 resistance that suppressed buying pressure for days. Yesterday, the bulls finally reclaimed this resistance. After that, a 2.1% growth has brought BTC price to $9150 at the moment. The situation for Bitcoin is bullish but we would need to climb above the February high ($10500) before we can confirm that.

Key resistance levels: $9200, $9500, $10000
Key support levels: $9000, $8700, $8500

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

After finding support at the blue rising line, Bitcoin regained strength and started fresh recovery from $8450 on March 1. Today, the BTC price has added up by $700. If the buyers continue to push, the price would increase further in the coming days. The key potential level to watch here is $9500 resistance, where the white descending line is drawn.

BTCUSD, Daily Chart – March 6

If this resistance breaks, Bitcoin’s next target would be $10000 resistance. In case the price drops back, the $9000 could provide support for the market. Below this support lies $8700. Though the RSI rebounded from the 30 levels but now facing resistance at 50 levels. We can expect a decent rally if this RSI level breaks up. The MACD is currently negative. We should expect a buy confirmation once a crossover occurs.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

In our previous crypto trading signals, we mentioned the possible bullish breakout from the rising triangle which would signal a fresh short-term increase for Bitcoin. As we can see now, Bitcoin broke $9000, retraced and then bounced back higher. We can see that Bitcoin is now aiming the white descending line around $9500, although $9200 resistance remains important for buyers.

BTCUSD, Hourly Chart – March 6

A breach above the white line would allow more increase in the market. At the moment, the technical indicators are still showing positive signs. If Bitcoin drops back, however, there’s close support at $9000, right on the triangle’s resistance-turned-support. A further drop could cause a serious selling to $8700 or even $8450 support. As of now, it appeared that buyers are showing commitment. So we can expect more gains to come in the future.

BITCOIN BUY ORDER

Buy: $9150
TP: $9300 / $9500
SL: $8988

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Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.