Bitcoin Consolidates Slowly Above $9,200, Poises for Massive Move Soon

Bitcoin bulls have continued to hold the $9,000 and $9,100 support as the king coin consolidates slowly above the $9,200. For the past week, Bitcoin is stuck between $9,100 and $9,300.

As the market consolidated, buyers have made four unsuccessful attempts to push BTC above $9,300 resistance but were repelled. It could have been an indication of Bitcoin's strength if buyers are successful above $9,300. Meanwhile, the consolidation is ongoing. 

On the upside, if the bulls are successful above $9,300, a retest of the $9,500 resistance is possible. Then the upside range trading may resume. On the other hand, if price fails to break the $9,300 resistance, the bears will revisit the $9,100 support. BTC will drop to $8,900 if the bears break the $9,100 support. In the meantime, Bitcoin is in deep consolidation as the price action is represented by small body candlesticks.   

Bitcoin indicator reading 

Presently, the small body candlesticks are indicating that the demand and supply are at equilibrium. The 12-day and the 26-day EMAs are horizontally flat. It indicates that BTC is consolidating and in choppy price action. Presently, BTC is at level 48 of the RSI. It indicates that the coin is in the downtrend zone and above the centerline 50.

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 stuck below $9,300 resistance as the coin is weak to rise. Meanwhile, the uptrend is intact as the $9,000 and $9,100 support holds. These support levels provide the bases for the upside range trading where price fluctuates between $9,300 and $9,800 to retest the overhead resistance.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.