Bitcoin has maintained its position above $9,000 for the past three weeks as the bulls and the bears were undecided about the direction of price. The market retested the $10,000 supply zone immediately after price rally but the bulls were resisted. Bitcoin is currently fluctuating in a tight range between the $9,000 and $9,600 price levels. The price may go either way as the buyers and sellers tussle for price.
The breakage of any of these levels will eventually determine the direction of Bitcoin. A price break below the $9000 will mean further selling by the bears. Nevertheless, a price penetration through the $9,600 and $10,000 price levels will mean the resumption of an uptrend.
Bitcoin has a bullish crossover as the 12-day EMA is above the 26-day SMA, indicating that price is rising. BTC price is rising and if the downtrend line is broken and the price closes above it, Bitcoin will resume a bullish movement
Key Supply Zones: $10,000, $11,000, $12,000
Key Demand zones: $7, 000, $6, 000, $5,000
Bitcoin is assumed to have reached equilibrium between the buyers and sellers as the RSI period 14 levels 47. However, a possible downtrend is possible as the RSI is below the centerline 50. The bulls are also making concerted efforts to defend the $9,000 price level. If the bears break below the critical support level, this will mean a further depreciation for the coin.
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.