Bitcoin price analysis: BTC/USD sidelined with long-term bullish potential
|- BTC/USD is range-bound during early Monday hours.
- The next recovery aim of $9,000 is within reach.
Bitcoin has been moving within a clear upside trend recently. The first digital coin finished the fifth consecutive week with gains and hit new multi-month high at $9,044 before retreating towards $8,700 amid profit-taking and speculative positioning. At the time of writing, BTC/USD is changing hands at $8,700 with nearly 1.5% of gains on a day-on-day basis and unchanged since the beginning of Monday. The coin has been moving in a tight range limited bu $8,747 on the upside and $8,613 on the downside.
Bitcoin’s technical picture
On the daily chart, BTC is supported by the upper boundary of the recently broken channel at $8,200, closely followed by the middle line of 1-day Bollinger Band at $8,200. A sustainable move below this handle will open up the way towards psychological $8,000. This area is protected by a keen buying interest. Most likely, it will stop the short-term downside correction; however, once it is cleared, the bearish momentum will gain traction bringing $7,300 into view. This area is protected by the lower boundary of the above-mentioned channel and the lower line of 1-day Bollinger Band.
On the upside, the first hurdle is created by $9,000 and the recent high of $9,044. Once it is out of the way, the price will continue moving to the North with the next stop at $9,100 strengthened by the upper boundary of 1-day Bollinger Band. The next bull’s stop is $9,890 (May, 11, 2018 high) and $10,000.
BTC/USD, 1-day chart
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