Yesterday, the bulls strongly defended the lower price range of $9,200 as the price rebounded. Recently the bulls attained a high of $9,600 but they failed to find penetration above it. Nonetheless, after a retest at the resistance, BTC was repelled. The coin has been on a downward move since February 2.
Unavoidably, the market fell to a low of $9,180.10 and rebounded. The initial fears were that if the bears break the $9,200 lower price range, the coin will fall to the low of $8,800. Nevertheless, the market resumes its upward move despite the breakdown. Today, BTC is rising to retest the $9,600 resistance. If successful, Bitcoin will attain a new high of $10,300.
The RSI period 14 was dropping because of the downward movement of the coin. The RSI dropped to level 61 indicating that BTC is still in the uptrend zone. The coin is likely to rise as long as the price bars are above the EMAs. Yesterday, BTC retraced to the support of 12-day EMA and rebounded.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
Undeniably, Bitcoin fell to its lower price range and rebounded. The market is going up to retest the current resistance and progress to the new level. However, if the bulls fail to breach the $9,600 resistance, the current range-bound movement will resume. Traders are to look out for buy setups and initiate long trades in anticipation of a bullish move.
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.