Bitcoin price analysis shows that the bulls are trying to push BTC above $9,000. The bears, on the other hand, are waiting to repel such a move.
Bitcoin Price Medium-term Trend
Yesterday, Friday 28, the price of Bitcoin traded in the bearish trend zone. As the 4-hour chart shows, the BTC price has traded and reached a low of $8,500. Earlier, the bulls retested the $9,000 level but were resisted. However, at the time of writing this Bitcoin price analysis, BTC is consolidating above the $8,500 support level.
On the downside, if the bears break the range-bound movement, the market is likely to fall to the next support at $8,200 or $7,800. On the upside, if more buyers emerge, the crypto’s price will rise towards the $9,000 resistance level. A break above the $9,000 level could see the price surge towards $9,300 and $9,500.
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 recent flash drop to $8500. However, the pair is facing hurdles near the $8,700 level. Therefore, a clear break above the $8,700 resistance could set the pace for an upward move to $8,800 and $8,900 in the short term. The next major resistance is near $9,0,00, above which the price is likely to aim a break above the $9,200.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $8,700, $9,000, $9,500
- Support levels: $8,600, $8,300, $8,000
Disclaimer
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.
