Bitcoin price has recovered above the $8,100 and $8,200 resistance levels. However, will the uptrend continue? Gain insight into the following technical analysis.
Bitcoin Price Medium-term Analysis
Last week, the price of Bitcoin (BTC) was in a bearish trend. The bears pulled the market below the $8,200 and $8,000 support levels. However, the $7,800 provided much-needed support. As a result, the bulls resurfaced on October 20 and Bitcoin price resumed the uptrend above the $8,000 resistance level.
Moreover, the recovery of the price of Bitcoin surpassed the $8,200 resistance level and spiked above the resistance level at $8,300 before adjusting to the current market value of $8,225.
On the upside, if more buyers emerge, the crypto’s price will rise towards the $8,500 and $9,000 price levels. On the downside, a break below the $8,200 support could push the price towards the $8,000 and $7,800 levels.
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 above the 50 and the 100 Simple Moving Average (SMA). The pair seems to be recovering nicely above $8,200.
However, the current price action below $8,300 still suggests signs of caution. Only a close above $8,400 may perhaps call for a strong rise towards the $9,000 resistance level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $8,250, $$8,300, $8,400
- Support levels: $8,200, $8,100, $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.