Bitcoin price is trading nicely above the $9,000 support level but struggling to break above the $9,300 and $9,400 resistance levels.
Bitcoin Price Medium-term Analysis
Last week, the price of Bitcoin (BTC) price was locked in a tight range around $9,100 and $9,400. The bulls, however, struggled to break above the $9,400 but they were resisted. As a result, Bitcoin price started to decline from the $9,390 high below the $9.300 level. More importantly, there was a break below a connecting bullish trend line with support near $9,240.
At the time of writing, Bitcoin price is changing hands at the $9,179 level.
On the upside, if the bulls break the resistance levels, the next stop for the bulls may perhaps be near the $9,800 and $10,000 resistance levels. On the other hand, if there is a downward move, an initial support is near the $9,100 level. The main support is near the $9,000 level, below which there is a risk of another decline towards $8,500.
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. However, the bulls are facing a lot of resistance near the $9,300 and $9,400 levels. A successful break above the $9,400 level is a must for bullish acceleration. Otherwise, there is a risk of a downside trend below the $9,000 support level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates is a buy signal.
- Resistance Levels: $9,300, $9,400, $10,000
- Support levels: $9,000, $8,800, $8, 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.
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