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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