Bitcoin Price Analysis – Despite 2% Gains Overnight, Bitcoin Continues To Suspend Bullish Rally Under $9000

Bitcoin Price Analysis – Despite 2% Gains Overnight, Bitcoin Continues To Suspend Bullish Rally Under $9000

• 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.

BTCUSD, 4H Chart – March 5

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.

BTCUSD, Hourly Chart – March 5

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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Author : Michael Fasogbon

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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.