BITCOIN PRICE ANALYSIS

Forex 2020

Junior member
31 0
After an impressive rally and consolidation at the first resistance zone of $9200 – $9300, Bitcoin broke above to our next mention targets of $9400.
Bitcoin will soon have to face a crucial resistance line, the yellow descending line on the following 4-hour chart. So far, Bitcoin had seen five failed attempts to break above this line.
he $9600 is now the first resistance, while the major one will be the yellow line on the following 4-hour chart (around $9700).
In case of a breakup, Bitcoin will likely check $9900 – $10,000 once again. The more times Bitcoin tries out, the higher the chance the $10K will finally break.
From below, the first level of support now lies at $9400. Down below is the confluence zone at $9200 – $9300, which turned from resistance to support.
OUR POSITIONS: We are long from 7800 (29 April 2020). Still on market
 

Forex 2020

Junior member
31 0
Bitcoin Price Rallies 5%
Yesterday, we discussed the chances of the last rally in bitcoin price above $9,750 against the US Dollar. BTC did gain traction above the $9,750 resistance and rallied more than 5%.

It broke many key hurdles near $9,950 and $10,000 to move into a positive zone. A new weekly high is formed near $10,371 and the price is now trading well above the 100 hourly simple moving average.

Bitcoin is currently correcting lower from $10,371 and trading below $10,200. It broke the 23.6% Fib retracement level of the recent rally from the $9,378 low to $10,371 high. However, there are many supports on the downside, starting with $10,000.

The first major support is near the $9,950 (the previuos major resistance)). The next support is near the $9,875 level or the 50% Fib retracement level of the recent rally from the $9,378 low to $10,371 high.
If the bulls manage to clear the $10,371 high, it could easily test the $10,500 resistance zone. Any further gains could lead the price towards the $11,200 pivot level in the coming sessions.

The previous major hurdle near the $9,950 zone could act as a strong support for bitcoin. If the price continues to slide, the last line of defense might be $9,700.

Any further losses might start a downside extension towards the $9,500 level or the 100 hourly simple moving average in the near term.
 

Forex 2020

Junior member
31 0
Bitcoin Price Nosedives
After a strong upward move above $10000, bitcoin price failed to continue higher against the US Dollar. BTC formed a short-term top near the $10,366 level and recently started a strong decline.
It broke many supports near the $10,000 and $9,740 levels to enter into a bearish zone. Moreover, there was a break below a key bullish trend line with support near $9,735 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading well below $9,600 and the 100 hourly simple moving average. It tested the main uptrend support at $9,300 (the previous breakout zone) and traded as low as $9,299.
It is currently consolidating losses above the $9,300 and $9,400 support levels. An initial resistance is near the $9,550 level. It is close to the 23.6% Fib retracement level of the recent decline from the $10,366 high to $9,299 low.
It seems like there is a short term contracting triangle forming with resistance near $9,550 on the same chart. If there is an upside break above the $9,550 level, the price could face hurdles near the $9,600 level and the 100 hourly simple moving average.
The next major resistance is near the $9,740 level. The main hurdle is now forming near the $9,800 region or the 50% Fib retracement level of the recent decline from the $10,366 high to $9,299 low.
The $9,300 support zone holds a lot of significance in the near term. If bitcoin fails to stay above the $9,300 support, it could spark another sharp decline.
An initial support is near the $9,000 level, below which there is a risk of a larger decline towards the $8,500 and $8,400 levels in the near term.
 

Forex 2020

Junior member
31 0
Bitcoin Price Facing Hurdles
Yesterday, we saw a sharp U-turn in bitcoin price from well above $10,000 against the US Dollar. BTC broke many key supports near $9,800 and the 100 hourly simple moving average.
It even spiked below the $9,500 support and tested the $9,300 support area. A low is formed near $9,299 and the price is currently correcting higher. It is now trading above the $9,500 pivot level.
There was a break above the 23.6% Fib retracement level of the downward move from the $10,366 high to $9,299 low. Moreover, it is trading above the $9,600 level and the 100 hourly simple moving average.
It seems like there is a bear flag forming with resistance near $9,740 on the hourly chart of the BTC/USD pair. The channel resistance zone is close to the recent breakdown zone at $9,740. There is also a connecting bearish trend line forming with resistance near $9,745 on the same chart.
If bitcoin price clears the trend line resistance, it could test the next major resistance near $9,800. The 50% Fib retracement level of the downward move from the $10,366 high to $9,299 low is also near $9,832.
If the bulls manage to clear the $9,740 and $9,800 resistance levels, there are chances of a steady rise in the coming sessions. The next key resistance zone is seen near the $10,000 level.
Fresh Decline in BTC?
There are chances of another downside break in bitcoin if it struggles to clear $9,740 and the trend line resistance. On the downside, the first key support is near the flag channel at $9,600.
A clear break below the bear flag at $9,600, it could accelerate losses. An immediate support is at $9,500, below which there is a risk of more downsides towards the $9,300 level.
 

Forex 2020

Junior member
31 0
Bitcoin Price Could Continue Higher
In the past two sessions, there were swing moves in bitcoin price below $9,800 against the US Dollar. BTC declined sharply below the $9,600 and $9,500 levels, but the $9,400 region acted as a strong support.
A low was formed near $9,393 and the price recently recovered sharply. It broke the $9,500 and $9,600 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $9,892 high to $9,393 low.
More importantly, there was a break above a key bearish trend line with resistance near $9,670 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $9,700 level and the 100 hourly simple moving average.
On the upside, an initial resistance is near the $9,800 level or the 76.4% Fib retracement level of the recent decline from the $9,892 high to $9,393 low. If there is a clear break above the $9,800 resistance, the price is likely to continue higher towards the $9,880 and $10,000 resistance levels.
Any further gains above the $10,000 resistance zone could open the doors for a fresh monthly high above $10,400 in the coming sessions.
Dips Likely Supported in BTC
On the downside, there is a key support forming near the $9,680 level and the 100 hourly simple moving average. If the price fails to stay above the 100 hourly SMA, it could continue to slide towards the $9,500 support.
The main support zone is near the $9,400 and $9,300 levels, below which the bears are likely to take control and the price could decline sharply.
 
 
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