Bitcoin price has finally started an upside correction above the $8,500 level after a sharp decline below $7,300. Is $9,000 Next?
Bitcoin Price Medium-term Analysis
On October 23, the price of Bitcoin (BTC) was in a bearish trend. The bears pulled the price below the $7,700 to form a new low around $7,300 level. However, after a sharp decline, Bitcoin price consolidated above the $7,400 level. Today, October 25, the bulls have gained control of the market and have pushed Bitcoin price above $8,500.
On the upside, if the buyers can strengthen and energize the market, they can further push the price to a $9,000 resistance level. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, BTCUSD price is in a bullish trend. Today’s surge marks the first time that bulls have shown signs of any strength ever since the pair began its downward trend from the lower-$8,000 level which is where it previously found significant support that dissolved earlier this week.
However, a strong bullish spike might take the price to $9,000, $9,500, and $10,000 resistance levels. If the bearish pressure sets in, BTCUSD price may decline to $8,000 or resell to today’s buy-back support at $7,400.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $9,000, $9,500, $10,000
- Support Levels: $8,000, $7,700, $7,400
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.