Expectantly, the bulls have jumped over the hurdle at $9,200. What remains is to sustain the current momentum and overcome other resistance that may come. This is the crucial period for the bulls to hold on at a higher price level. On October 26, Bitcoin had a price rally that reached the $10, 000 mark, but it pulled back to continue a range-bound movement above $9,300.
Later, the market dropped to a low of $7,000 in November. Today, it is unlikely for the price to drop, if there are more buyers than sellers at the current price level. Eagerly, strong defense by the bulls above the $9,200 support will also sustain the current upward move. Meanwhile, Bitcoin is facing resistance after testing the $9,400 price level.
Bitcoin trading has reached level 70 of the daily RSI period 14. As the market is approaching the overbought region, there will be a gradual withdrawal of bulls to push BTC upward. In other words, Bitcoin may decline in the days to come.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
Undoubtedly, Bitcoin has almost reached the $10,300 target destination. Possibly this is achievable if the bulls sustain hold above their current support levels. Traders should book their profits as the coin retraces from the current resistance. Traders should lookout for a buy set up at the end of the retracement. Adjustment and stop-loss parameters should be made as the coin retraces.
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.