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Key Support Zones: $7, 000, $6, 000, $5,000
Key Resistance Zones: $10,000, $11,000, $12,000
BTC/USD Long-term Trend: Ranging
After the rejection of price at $9,200, the downward move was extended to a low of $8,250. Analysts were of the opinion that Bitcoin will bounce if price falls and tests the low of $8,250. From every indication, Bitcoin is making a solid upward move as the coin approaches the overhead resistance.
Our bullish expectation is that the price will break the resistances of $8,800 and $9,200. Then the same momentum will be extended to the $10,000 price level. However, the bears may want to put up a fight to defend the $9,200 resistance. If the bears defend successfully, Bitcoin will be compelled to a sideways move.
Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are pointing northward indicating the upward move. The 21-day SMA acts as a support to Bitcoin. Meanwhile, MACD provides a buy signal for Bitcoin as the MACD line and the signal are above the zero lines.
BTC/USD Medium-term Trend: Bullish
On the 4-hour chart, the price breaks the support line of the horizontal channel. Later Bitcoin finds support at $8,250 low. The $8,250 low was well supported by the bulls as the coin makes a bullish move. The price is approaching the resistance at $8,800. If successful above $8,800, the price will rally above $9,200.
4-hour Chart Indicators Reading
Bitcoin has risen to level 66 of the daily Relative Strength Index period 14. This signifies that the coin is in a bullish trend zone. However, if the RSI rises above level 70, Bitcoin will be said to have reached the overbought region of the market. Then we may experience a fall in BTC price.
General Outlook for Bitcoin (BTC)
The upward move in the last 24 hours is a positive development as Bitcoin bounces at a low of $8,250. All the indicators are in the positive direction of the coin. However, the RSI is level 68 indicating that the coin is approaching the overbought region. In other words, the upward move may soon be interrupted. After a retracement, the coin will resume its upward move.
BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,738
Stop: $8,500
Target: $9,200
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Source: https://learn2.trade
