Bitcoin price is struggling to recover while facing resistance at the $9,000 level. BTCUSD pair might correct higher, but the bulls must have to break the $9,000 resistance level.
Bitcoin Price Medium-term Analysis
Yesterday, November 11, the price of Bitcoin (BTC) was in a bearish trend while trading around the $8,700 level. However, the bulls were able to push the price above the $8,900 and $9,000 levels and they were resisted at the $9,150 level. As a result, Bitcoin price started to decline. The price broke the $8,700 level and traded to a new monthly low near the $8,612 low.
At the time of writing, Bitcoin price is currently correcting higher and trading above the $8,700 level.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $9,000 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $9,200 and $9,400 on the upside.
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, the BTCUSD price is in showing signs of a short term upside correction above $8,700. That said, the bears are likely to protect gains near the $8,880 and $8,980 resistance levels. Only a close above $9,000 might start a strong recovery in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.
- Resistance Levels: $9,000, $9,400, $10,000
- Support Levels: $8,000, $7, 800, $7,600
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.