Bitcoin (BTC) Price Analysis: Next Upside Targets!

Bitcoin (BTC) Price Analysis: Next Upside Targets! 13

Bitcoin has formed higher lows and higher highs on its 1-hour chart, trading inside an ascending channel and bouncing off support. Applying the Fibonacci extension tool shows the next potential resistance levels.

The 38.2% extension is at $9462.7 then the 50% extension is near $9600 and the mid-channel area of interest. The 76.4% extension is at the swing high or $9927 then the full extension is just past the channel resistance at $10,174.1.

The 100 SMA is crossing below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff could still resume from here. These moving averages also seem to be holding as dynamic inflection points.

Stochastic is turning down from the overbought zone to signal a return in selling pressure. This could lead to a test of the swing low and a break lower could trigger a downtrend. RSI has some room to climb so there might be some bullish momentum left, but the oscillator is also approaching overbought levels and could draw sellers back in.

Bitcoin (BTC) Price Analysis: Next Upside Targets! 14

Bitcoin is struggling to keep its head above the $9000 area of interest but it looks like bulls are keen on defending this level. Stronger bullish pressure could be needed to take it past the next major barrier at $10,000 and sustain the longer-term climb, though.

So far, updates have been mostly positive, safe for remarks from Bill Gates and Warren Buffet on bitcoin’s value. It has been reported that ICE, NYSE’s parent company, is about to create a bitcoin exchange that could draw more liquidity and trading activity. This also represents another step in big financial firms recognizing the legitimacy of bitcoin.

In China, the country’s second-largest bitcoin mining company Canaan plans to seek an IPO on the Hong Kong Stock Exchange. If this pushes through, it would be the first blockchain-related company to be listed on the city’s markets.

*The market data is provided by TradingView