Following the recent recovery above $9,100, Bitcoin bulls fail to break the $9,200 resistance. Consequently, the price is stalled below the resistance.
Initially, buyers attempted twice to push the price above the resistance but were repelled. The price action is now characterized by small body candlesticks like the Doji and the Spinning tops. These candlesticks describe that buyers and sellers are undecided about the direction of the market. As the market continues to consolidate between $9,000 and $9,200, there is a likelihood of a breakdown or breakout.
Alternatively, if price breaks above the resistance, it will speed up price movement to $9,300. The momentum will signal the resumption of the upside range between $9,300 and $9,800. This range constantly prepares bulls to retest the $10,000 overhead resistance. Conversely, where buyers fail to push above the resistance, sellers will take over and may attempt to sink the king coin. However, if the bears succeed in breaking below $9,050 support, the downtrend will resume. In the meantime, the market is yet to move either way at the time of writing.
BTC price bars are below the EMAs which suggests a further downward movement of prices. Also, the Relative Strength Index confirms that the king coin is at level 45. It indicates that the market is in the bearish trend zone and it is likely to fall. It is also below the centerline 50.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
Presently, Bitcoin is trading in the lower region of $9,000. Precisely, it is above $9,100 but below $9,200 resistance. As the market continues its consolidation, a breakdown or breakout is imminent. The bottom line is that if the $9,000- $9,200 support holds, the upside range trading will range.
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.