In this Bitcoin price analysis, the bulls have broken above the EMAs to reach the bullish trend zone and the price is likely to rise to retest the $9,000 overhead resistance.
Bitcoin Price Analysis
Bitcoin (BTC) price was in the bullish trend zone yesterday, unlike the previous week that had no significant price movement. BTC bulls have broken above the Exponential Moving Averages (EMAs) to reach the bullish trend zone. The price of Bitcoin is likely to rise to retest the $9,000 overhead resistance.
From the Fibonacci tool, Bitcoin price is in the 0.382 (38.2%) Fib. retracement level. The 0.382 (38.2%) and 0.236 (23.6%) Fib. retracement level is continuation zone for the Fibonacci tool. Bitcoin price will rise if the price is sustained above the EMAs and more buyers are introduced at the upper price level. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are above the zero line which is an indication of a buy signal.
BTCUSD Price Short-term Analysis
Looking at the 1-hour chart, BTCUSD price is in a bullish trend. Yesterday, the bulls tested the $8,300 price level met resistance and as a result, the price dropped to the support of 26-day EMA. However, bulls fought back and commenced their upward move.
The bulls made another high but retraced to the support of the EMAs. This had been the situation recently. The 12-day and the 26-day EMAs were pointing northward which indicates an uptrend. In the meantime, the MACD line and the signal line are above the zero line which suggests a buy signal.
- Resistance Levels: $8,500, $9,000 ¸ $9,500
- Support levels: $7,500, $7,000, $6, 500
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.