Bitcoin price analysis shows that the bulls are trying to push BTC above $9,200. The bears, on the other hand, are waiting to repel such a move.
Bitcoin Price Medium-term Trend
After several failed attempts, the price of Bitcoin (BTC) has recovered. Yesterday, BTC bulls pushed the price above $9,000 resistance level after a reversal from $8,738.
At the time of writing this Bitcoin price analysis, the coin is correcting lower after forming a new weekly high near the $9,172. However, the 4-hour chart shows that the bulls are lacking strength above $9,000 while the bears are also trying to bring the price down.
On the upside, if more buyers emerge, the crypto’s price will rise towards the $9,200 resistance level. A break above the $9,200 level could see the price surge towards $9,400. On the downside, there are many supports on the downside near the $9,000 and $8,900 levels. If Bitcoin price slides below these levels, there is a risk of a fresh bearish wave below $8,800.
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 Trend
On the 1-hour chart, BTCUSD price is currently recovering after a decline to $8738. However, the pair is facing a major resistance near the $9,200 level, above which the pair is likely to aim a test of the main $9,500 resistance area. Conversely, the bears could step back into the market and bring the price to the key support level of $8,800 and below.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $9,200, $9,400, $9,800
- Support levels: $9,000, $8,800, $8,400
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.