Bitcoin Holds above $8,500 in Anticipation of Bullish Market

About 24 hours ago, Bitcoin was retracing after failing to break above the $8,800 resistance. The price can rally above $9,500 if the bulls are successful. At the same time, the price must have strong bullish momentum.

Today, Bitcoin is still in the oversold region suggesting the emergence of buyers to push BTC upward. The price has been in consolidation between $8,400 and $8,800 for over a week. Unfortunately, the market will continue its consolidation and the BTC in the oversold region, if buyers fail to emerge. Meanwhile, the price is making a repeat upward move to retest the resistance at $8,800.

Bitcoin Indicator Reading 

Bitcoin is still below the 20% range of the daily stochastic. That is it is in the oversold region of the market. However, the stochastic bands are making a U-turn upward indicating that the momentum is changing to bullish. Meanwhile, the price is below the EMAs, therefore the bulls' upward move will by struggling for price possession.   

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7, 000, $6, 000, $5,000                      

What Is the Next Direction for BTC/USD?

Bitcoin is still confined to a price range of between $8,400 and $8,800. On March 2, the bulls attempted to break the $8,800 resistance. The price fell back to the range-bound zone. The bulls are making another move upward. Nevertheless, it is worthy to note that only a strong bullish momentum will take BTC to an appreciable high.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.