• There is a relative increase ongoing in the valuation of BTC/USD market.
• BTC/USD market Bulls are yet to put more required buying pressures.
• A correctional move of the trade around $9,500 and $10,000 price levels could be a sell-entry for shorting positions of BTC/USD pair.
Bitcoin (BTC) Price Analysis
• Major resistance levels: $10,000, $10,500, $11,000
• Major support levels: $8,500, $8,000, $7,500
The market trading outlook of Bitcoin, as paired with the USD-fiat currency, has been on a relative increase currently. The crypto in its correction moves against the USD has close approached a high price-value of $9,500 mark.
In the present situation of the mid-term running of the market, a slow-moving uptrend observes with much struggling mote around the $9,500 level. The bears’ strength appears inactive as there has been no even slight sign to counter the relative appreciation in the market-line of BTC/USD.
Bitcoin (BTC) Technical Indicators Reading
The 50-day SMA trading indicator has been crossed to the north by the Upper Bollinger Band trend-line. And, price now aligns along with it to trade. That signifies a sign of an uptrend-trading situation in the crypto-market presently. The stochastic Oscillators have penetrated the overbought trading region. That signals that there is a need to put in a precautionary trading psyche while launching a positional order at this point.
BTC/USD market bulls have now rallied closer a high point at $9,500. And, they seem to continue to build up more energy to push further past the market-point in a near session. On the contrary, the current bulls’ strength may be getting faded between a resistance level of $10,000 and the $9,500 price levels, most especially, while it tends to attempt any possible correction around those trading areas afterward.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.