Bitcoin price is facing short term resistances near the $9,200 and $9,300 levels. The BTCUSD pair is likely to rebound if the bulls break above the resistance levels.
Bitcoin Price Analysis Medium-term Analysis
Yesterday, October 30, the price of Bitcoin (BTC) was trading in a tight range above the 12-day and 26-day Exponential Moving Averages (EMAs).
Recently, Bitcoin price declined from the high of $9,500 to form a low near the $9,013 and $9,000 support levels. Bitcoin price is now climbing higher and trading above the $9,100 level at the time of writing. However, the price seems to be facing resistance near the $9,200 level.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $9,500 price level. On the other hand, if the bulls fail to defend the $9,000 support level, the price may likely test the critical support level of $8,500 and below.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, BTCUSD price is in a bullish trend. The crypto’s price is expected to rise because it is above the 12-day and 26-day EMAs. An upside break above the $9,200 and $9,300 levels is necessary for a fresh increase. Otherwise, there could be a bearish wave below $9,000 before a further rise in the short term.
Meanwhile, the MACD line and the signal line are below the zero line which indicates is a buy signal.
- Resistance Levels: $9,500, $10,000, $10,500
- Support Levels: $9,000, $8,500, $8,000
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.