• Bitcoin attempting to break $9000 resistance following a 2% increase overnight
• The $8500 level remains a key support for Bitcoin
Over the past week now, Bitcoin continued to trade under the $9000 price level after recovery from a two-week low of $8450 (Bitfinex). Apart from that, the price has been consolidating between $8700 – $9000 areas for a while now. If Bitcoin moves out from this price range, we should expect a huge volatility expansion. Technically, the price is most likely to go up.
Key resistance levels: $9200, $9500
Key support levels: $8700, $8500
Bitcoin (BTC) Price Analysis: 4H – Bullish
Again, Bitcoin has faced a tough resistance that has held buying pressure for the past few days now. Meanwhile, the bullish head-and-shoulders pattern is still valid on the 4-hours. In fact, Bitcoin is charging for a break at the neckline ($9000 resistance). Though, the price is currently rejected.
If this resistance breaks, Bitcoin is expected to hit $9200 resistance in no time. The next resistance above this is $9500 to test the white descending line. A break above this line would signify a bullish confirmation. But if the price continues to reject at $9000, Bitcoin is likely to fall back at $8700 support. $8500 would be next if price further plunges.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
Yesterday, Bitcoin made a false break below the rising triangle that was spotted on the hourly chart. However, the price bounced back after finding close support at $8700, marked orange on the chart. Following this rebound, Bitcoin has now reached a tight range on the triangle. This suggests a potential breakout in the air.
Typically, a bullish surge is most likely to play out. The price range for this triangle breakout is $9500. But the first resistance to consider here is $9200, followed by $9300. In case the price goes the other way round, the primary support is the recent bounced back level of $8700. Below this lies the late February low of $8500. Regardless of the above, there’s a high probability for bullish than bearish.
BITCOIN BUY ORDER
Buy: $8912
TP: $9200
SL: $8688
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