In our previous Bitcoin Price Analysis, we were expecting and spotted two resistance levels. 12800-900 and 15000 level which was declining resistance line.
The price moves up and reverses from the first resistance level 12800 which was previously broken support.
Today I am sharing update bitcoin technical analysis to get the idea of next possible move.
4-Hour Bitcoin Price Analysis
The bitcoin is trading in a range of symmetric triangle and moving towards its support level after hitting up the resistance 12800 zones. The support is rising and I am expecting a new low just above the previous low which was around 9222 area.
The next support according to the lower high direction is around 9500 level which will be watching level. If bitcoin bounce from 9500 then it could hit its resistance level again around 12800-900.
Please keep in mind the formation of bitcoin price action is Symmetric triangle formation and the beauty of symmetric triangle is, it can break anywhere either upside or downside.
If price breaks the rising support then it could hit minimum 6000$, at the other end if price declining resistance level and close above then most probably the bitcoin may hit 14500-15000 level again.
I have mentioned the watching area with support and resistance level on the chart below. Please have a look at 4-hour bitcoin technical chart.
Bitcoin 4-hour Price Analysis Chart
Bitcoin Support Zone : 9500-9600$
Bitcoin Resistance Zone : 12800-900
Wish you good luck and happy trading
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Wish you good luck and happy trading with Gold Technical Analysis
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com