The Support at $9,000 Keeps Holding for Bitcoin
Bitcoin was bearish for two weeks, but the $9,000 level keeps providing solid support
BITCOIN turned really bullish in Q2 of this year after trading in a $1,000 range during Q1. During that time, Bitcoin climbed more than $10,000 and broke all resistance levels without any trouble. The $9,000 level held as resistance for a short period, but that level was broken, as well as the big round level at $10,000.
The price reached pretty close to $14,000, but we haven’t seen a follow through in Q3 though. Bitcoin has traded sideways in the last two months and from the look of it, it seems like a triangle is forming on the daily chart. This cryptocurrency has been making lower highs, but it hasn’t made lower lows, which would mean a trend reversal.
In fact, Bitcoin has formed a base around the $9,000 level where it has found support several times in the last two months. Last week we saw Bitcoin decline to $9,200s, but it seems like it is reversing higher again from there. It formed as doji candlestick on Thursday which is a reversing signal and in the following two days the price has been bullish. So, the area around $9,000 looks like a great place to buy Bitcoin.
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