Bitcoin (BTC) Price Analysis –Sideways Movement Suspends Bitcoin On Bullish Momentum

Since our previous crypto trading signals, Bitcoin’s price has dropped a bit to the lower trading range of $9300. Meanwhile, the bearish pin bar spotted during the London session has played out as a reversal during the New York session. However, the next major move is likely to surface during the Asian session. For now, Bitcoin is still keeping its sideways trend.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $9600, $9800, $10000
Key support levels: $9200, $9000, $8820

Above the $9000, Bitcoin is still looking bullish on the daily chart but last 10 days indecisiveness has suspended the bullish actions. For the past 24-hours, BTC has been finding it difficult to continue the late October surge which has stuck price actions at an average of $9200. Bitcoin’s breakout still remains at $9500, followed by $9800 and $10000 resistance.

BTCUSD, Daily Chart – November 6

In the opposite direction, Bitcoin currently held support at $9000 and $8800 but the $9200 support remains solid. The technical indicators have seen a little drop due to the ongoing bearishness in the market. We can expect a rebound if the $9000 support can hold.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin’s price has remained intact in the rising channel for the past week now. But now, the market has been trading sideways around the channel’s lower boundary since yesterday due to capitulation. Following the pattern formation, Bitcoin is expected to climb towards the upper boundary but volatility is contracting for a while now.

BTCUSD, Hourly Chart – November 6

If volatility expansion occurs, on the upside, BTC may spike to $9400, $9500, $9600 and $9700. On the downside, the $9100, $9000, $8900 and $8800 support may hold further selling pressure. As shown on the RSI, Bitcoin is currently looking bearish as the MACD shows that the bears are in play but the market is still in a bullish zone

BITCOIN BUY SIGNAL

Buy Entry: $9279
TP: $9551 / $9400
SL: $9200

Bitcoin (BTC) Price Analysis – New Channel Pattern May Lead Bitcoin To $12000, Bullish Divergence In Play

Bitcoin is back on bullish mode after breaking a symmetrical triangle to a new channel formation, although the $9400 resistance was slightly broken yesterday but got rejected at $9644 on Bitfinex. BTC is currently retracing to $9100, following the channel pattern shaping on the hourly chart. However, Bitcoin is currently trading at $9350 with a $168.5 billion market cap.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $9800, $10000, $10350
Key support levels: $9200, $9000, $8820

Yesterday, Bitcoin managed to close above the $9400 to show the market is preparing for another bullish phase. This time, it may take us to $12000 but we need to clear the October 27 high at $10350 before we can validate a stronger surge. If Bitcoin can close well above $9500 today, $9800 and $10000 will be in view. Further resistance above lies at $10350.

BTCUSD, Daily Chart – November 5

For now, support to look out for is $9200 and $9000. Support below lies at $8820 and beyond. Another thing to note here is the RSI and the MACD which has signalled a bullish divergence for Bitcoin. We can expect more bullish sentiment to come into play in future trading.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

The last 24-hours rise has allowed Bitcoin to record a weekly high of $9644 after breaching the four days triangle pattern. As we can see on the hourly chart, BTC is constructing a new ascending channel which may take Bitcoin us to $10000 in the next rally. Currently, the market is retracing back toward the channel’s support at $9200 –$9100. Meanwhile, the $9000 – $8900 zones could serve as support if a channel break-down occurs.

BTCUSD-Hourly-Chart-November-5

Bouncing off the channel’s lower boundary would trigger a bullish impulsive move to $9350, $9500 and $9700 resistance. The RSI is bullish but now positioned in a downward direction. The MACD moving averages are now crossing to signal a potential sell, although remain positive at the moment.

BITCOIN SELL SIGNAL

Sell Entry: $9378
TP: $9189
SL: $9500

Bitcoin (BTC) Price Analysis: BTC Breaks Triangle Pattern As Selling Underways

After dropping from around $10500 over the weekend, Bitcoin has been roaming around the 9500 price zones, an indicator of weakness in buying pressure. Inversely, the bears appeared to be defending the $10000 resistance. Still, BTC is up by +2.60% overnight as we can expect a more positive move to play out if the buyers can override the $10000 resistance.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $9700, $9900, $10200, $10500
Key support levels: $9200, $9000, $8800, $8600

The daily chart presents a bullish trend for Bitcoin with the current price at $9434. The last three days price increase was characterized by a bullish candle which is now becoming choppy. This suggests that buying pressure is getting weak as the $10000 proves tough for the market to overcome, although $9800 is near support for the market.

BTCUSD, Daily Chart – October 28

If we can close above the $10000 today, Bitcoin’s price will proceed to $10200 and $10500 in no time. For now, immediate support lies at $9200. A daily close beneath $9000 may keep price back in a consolidation mode, testing $9800 and $9600. While the RSI shows that the bulls are present, the MACD revealed that the bulls are yet to gain momentum. A crossover should confirm a strong bullish momentum for Bitcoin.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin is breaking out of the triangle pattern after subduing with choppy price actions for two days. The bulls are losing momentum as the bears regroup back on a short-term. We may see a serious drop to $9200, $9000 and $8800 support if the supply becomes heavy. The interesting thing is that the technical RSI and MACD signal a bearish divergence. Considering the current reversal pattern, BTC is expected to lose value in the next few hours.

BTCUSD, Hourly Chart – October 28

Meanwhile, Bitcoin’s price can be unpredictable at times as we may see a bullish continuation amidst the bearish signal. In case of a false breakout, we may see a sharp rise to $10400 but the nearest resistance lies at $9600, $9800 and $10000. However, the short-traders seemed to be opening a position now.

BITCOIN SELL SIGNAL

Sell Entry: $9477
TP: $9100
SL: $10000