Price Analysis

BTC Pulls Back After Facing Historical Resistance at $9.5k

Bitcoin has been on an adventurous trading journey, which has resulted in two extremities viz., investors losing faith and BTC showing its total potential and power. Having said that, the coin is trading with full support from the daily moving averages.

Points to be covered throughout:

  • Bitcoin investors are currently exchanging hands at $9,325.00 on Coinbase
  • BTC against USD is currently correcting downwards after having tested the resistance at $9,500 in the previous month and $9,600 at the onset of the trading day, today
  • The apex forming is likely to keep the price in the upward trading channel until the coin hits volatility
  • Impressively, $9,500 has been an important resistance point in the past trading years as well after which the coin has taken notable moves- just in case the history tends to repeat
  • However, we cannot forget over 50% leap after BTC plummeted to $6,400 in December 2019, as it currently trades around $9,300

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

Analyzing the 4-hourly BTC/USD movement, we see that the coin has been gaining continually and recording new heights. The current resistance at $9,500 has been an important point since 2018, after which Bitcoin takes a definite trading direction. If we believe the history to repeat, this time, we also believe the further positive movement.

The 20-day Bollinger Bands assigned are seen having a narrow band width, and therefore, we believe the apex to complete in the upward channel. The 50-day and 200-day daily MA is moving outside the band width but has steady support at $9,250 (short-term), followed by $8,411.23 (long-term).

Technicals

Unable to believe, the MACD of Bitcoin is having a death crossover as the signal line overrides the MACD line due to intraday price correction.

The RSI of the coin is at 51.07, which is showing no extremities at present due to the prevalent support.

Tags

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.
Back to top button
Close