New Consolidation Phase May Lead Bitcoin (BTC) To April 2 Surge Level If Key Support Breaks

New Consolidation Phase May Lead Bitcoin (BTC) To April 2 Surge Level If Key Support Breaks

Bitcoin (BTC) Price Analysis – October 9

For the past 15 days now, Bitcoin has been undergoing a consolidation phase after bouncing off at $77000 area in late September. With -0.29% loss over the past hours, the BTC price now fluctuates at around the $8200 zones. As the market waits for the next shock-wave, Bitcoin’s price may roll to $6400 – the April 2 surge level if a bearish surge resurfaces.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $8370, $8533, $8770. $8997
Key support levels: $7733, $7300, $7000, $6400

Following the September 30 sharp bounce at $7700, Bitcoin is currently fragile – subduing with choppy price action on the daily time frame. Again, the market is sensing a big move lurking around the corner. Breaking the key support zones at $7733 – $7300, BTC may plummet to $7000 and $6400 to meet the 4-months channel’s support.

BTCUSD-Daily-Chart-September-9

Currently, the price is still consolidating above the $8000 price zones. Should the bulls act upon these mentioned zones, Bitcoin may further correct to $8370, $8533, $8770 and $8997 resistance before we can continuing bearish rally. To top that, the crypto trading signals a strong bearish trend on the RSI but the market has managed to rise up on the Stochastic RSI since the beginning of the month.

Bitcoin (BTC) Price Analysis: 4H Chart – Neutral

Bitcoin has been shaping in a triangle pattern on the 4-hour chart and has remained indecisive for the past two weeks. The crypto trading signals that a potential surge in volatility may play out sooner or later. This pattern is a bearish formation with close supports at $7750 – a breakout area. A clear drive beneath the triangle might send the price to $7500, $7300 and $7000 support.

BTCUSD-Daily-Chart-September-9

But as it appeared now, Bitcoin is bullish on the RSI indicator, making its price to trade at around the triangle’s upper boundary. The price could float above $8000 if the RSI 50 can hold. Nevertheless, the $8400, $8533 and $8700 resistance could play out if a bullish surge occurs. Inversely, the crypto trading signals a bearish move on the Stochastic RSI to show that the sellers may step back in the market.

BITCOIN SELL SIGNAL

Sell Entry: $8197
TP: $7750
SL: $8350

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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.