Bitcoin Price Analysis: Bulls Target $9,000 As BTC Halving Approaches
- Bitcoin saw a 1% price increase today as the cryptocurrency attempts to break the current $8,950 resistance level.
- The block halving for the coin is now just 10-days away.
Bitcoin is currently battling the resistance at $8,950 as it targets the key $9,000 resistance level. The cryptocurrency had attempted to break $8,950 for the pats 4-days of trading but always ended up closing beneath this level on each attempt to break above.
We can most certainly expect a break of $9,000 in the next week of trading when we consider the fact that the Bitcoin block halving is just a short 10-days away now. In this event, we will see the BTC block reward slashed from 12.5 BTC to 6.25 BTC which will see a dwindling supply of BTC coming onto exchanges from miners.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, BTC is struggling at the 1.618 Fibonacci Extension at $8,958. It must close above this resistance before it can target $9000 and push higher again. Each time the cryptocurrency attempted to break this resistance it was pushed lower and closed beneath the level.
Short term prediction: BULLISH
Bitcoin continues to remain bullish at this moment in time but it must break $9,000 for this bullish run to continue higher. The bulls are still in charge of the market and the momentum remains fully on their side.
Once they manage to push above $8,958, the first level of resistance lies at $9,000. This is closely followed with resistance at $9,090 which is provided by a bearish .786 Fibonacci Retracement level that is measured from the February high to the March low.
Beyond $9,100, resistance is located at $9,400, $9,500, and $9,600 (1.272 Fib Extension level).
On the other side, if the sellers push lower, the first level of support lies at $8,800. Beneath this, support is located at $8,500, $8,400, $8,200, and $8,140.
Key Levels
Support: $8,800, $8,400, $8,300, $8,000.
Resistance: $8,850, $9,000, $9,090, $9165, $9,500.
The block halving for the coin is now just 10-days away.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Published at Sat, 02 May 2020 16:33:34 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram