Price Analysis

BTC Faces Tough Resistance at $9.4k, Yet Holds a Bullish Divergence

  • Bitcoin, at the time of writing, was trading at $9,323.46 on Coinbase and is also exhibiting a further uptrend
  • The price trend of BTC rightly break the downward channel as it marks a fresh height above $9,400
  • The current uptrend is steadily supported by the long-term daily Moving Average
  • The coin gains momentum to trade above 61.80% Fib Retracement Area
  • The 20-day Bollinger Band do not project a highly volatile move in the upcoming days
  • Major resistance lies at $9,400 and a persistent trade above this is likely to take BTC price above $10,000

Bitcoin takes real steps as it curbs the volatile movement and exhibits bullish crossovers over the past 30 days. The given 30-day high is possessing a fresh resistance and is likely to be breached if the coin continues to move with the same momentum.

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

Taking a glance at the daily BTC/USD movement, we see that the coin had been sliding downwards until the start of the ongoing year. Bitcoin price is facing strong resistance at $9,400 which is rightly followed by $10,000. A further bullish crossover is expected to lead the coin towards giving a fresh 90-day high with a moderate pace and stable support. Due to persistent trade above $8,000 and now above $9,000, BTC price is tied around long-term i.e. 200-day MA support. The 20-day Bollinger Bands laid do not project about steep volatile moves and therefore, we believe the price to hit above the said resistance.

Technical Indicators

BTC News

 

The other technical indicators laid confirm the bullish crossover as the coin retests resistance above $9,300 before soaring above $9,400 as the MACD line cuts the signal line from below.

The RSI of the coin is at 68.04 and is inclined towards the overbought region due to an intraday bullish move.

 

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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