Bitcoin price breaks $8,400 but faces resistance at $8,800. Now the BTC/USD pair is expected to reach the $9,500 price level.
Bitcoin maintains its rise as it breaches the resistance of $8,200 and $8,400. Bitcoin rise was initially hindered for a week because of the earlier mentioned resistance. Expectantly the Bitcoin jumped over these hurdles as the market reaches a high of $8,800. The bears are unrelenting as BTC faces another resistance at $8,800. Nevertheless, Bitcoin will pick up the momentum that will break these minor resistances. At the moment, Bitcoin is approaching and it is expected to reach the $9,500 and $10,000 price level. The bears will pose little or no resistance as the bulls match towards the target price levels.
Meanwhile, Bitcoin is trading above the zero line of the MACD which indicates a buy signal.
The EMAs have a bullish crossover as BTC continues to rise and breach the resistance levels. The market will continue with the upward move as long as the price bars are over the EMAs.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
Bitcoin is heading toward the $10,000 price level. It is most likely that Bitcoin will be out of the downtrend zone if it breaks the $9,000. On one hand, Bitcoin will be compelled to a sideways move, if it faces resistance at $9,000. On the other hand, the upward move will continue as long as the bands of MACD are above the zero line.
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.