Bitcoin Price Medium-term Analysis
On the upside, if the buyers can strengthen and energize the market, they can further push the price to a $9,000 resistance level. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, BTCUSD price is in a bullish trend. Today’s surge marks the first time that bulls have shown signs of any strength ever since the pair began its downward trend from the lower-$8,000 level which is where it previously found significant support that dissolved earlier this week.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.