“Bitcoin (BTC) Price Is Heading $9K Zone In A Few Days”. Bears Are Back?

It’s been a great period for Bitcoin – while all altcoins kept losing their price day by day, BTC price managed to keep above $10K and even reach $10,700. However, traders warn: the uptrend might take a pause. Here are a few BTC price predictions from tradingview users.

Bulls still control the situation

Bitcoin (BTC) price chart by Faibik

Pay attention to the technical indicators observed by Faibik:

  1. In 4 hrs time frame, BTC/USD following the falling wedge pattern but again failed to breakout.
  2. it could test the support ($9.9k) before another breakout attempt.
  3. Volume is decreasing & major indicators are turning bullish.
  4. Bears have been struggling to keep the price under $10k but for now, bulls looking strong.

In the nearest days, BTC might need the support, and $9.9K level won’t be surprising then.

Our target is $9.6-9.7

Bitcoin (BTC) price chart by BillCharison

Bitcoin is going to correct the downward movement because of the local reversal pattern and convergence on RSI. However, when we look at the 1H chart, we see that the price broke down the downward channel and now the global vector is directed down.

The local upward correction can end now but can go a little bit higher, to the zone of $10270 – $10470, where the ascending resistance is located. In case the price will re-test this resistance, the probability of falling lower than $10,000 will increase up to 87%. Targets of the downward movement are $9760 – $9640.

We could see the consolidation

Bitcoin (BTC) price chart by HeisenbergBTC

We seem to keep bouncing off the .236 fib (orange lime) after having sunk below the fib but never the less it is still providing support. It is also at the magic $10k mark where some support is to be expected. If you look at this chart we have wicked below 10k numerous times and rose back more often than not. It also proves there is a lot of buyers under $10,000. As we approach the end of the giant descending triangle, we will see a bit of consolidation as the price will be coiled up between the top and bottom trend lines. As we approach the end of the triangle we are seeing declining daily volume as well which truthfully is to be expected. RSI is not going to tell us much as it is about as close to the center as possible. We are still trading below the daily cloud right now which is another bearish sign.

Daily volume as of right now is at $15,168,002,723 (Just so you get an understanding of volume when we were trading at 14k daily volume was at 45 billion, now we are at $10,150 and the daily volume is significantly less at 15.16 billion). Bitcoin dominance is holding out at 72.17 according to Trading View: 7 times we wicked below $10k but managed to climb back above. Even after falling under $10k recently, BTC found support again. We will have to wait and see if it holds and how long that may be. Even if it touches $9K again, it’s likely to recover quickly.

BTC goes symmetrical

Bitcoin (BTC) price chart by TradingShot

Look at this 4H frame. Bitcoin approached today the lower 4H Support ($9,790 – 9,850). Last time the price rebounded off that level, we had a 7-day consolidation within roughly $9,800 – 10,450. So if $9,790 holds, there’s no reason why we shouldn’t repeat this symmetrical pattern for good scalping returns, especially since we also had symmetrical (near) rejection on the $11,000 1D Resistance last week.

Bottom Line

If we look at the 1-month BTC chart, we can notice a clear inverted Head & Shoulders pattern that has formed near the support line of our large triangle along with the rising Stoch RSI. This pattern can be considered active by the breakdown of our key resistance level. There is a clear trading range of $9,870-10,870, and if BTC touches the $9 zone, you should buy – it’s a perfect trading opportunity.