Bitcoin resurfaced above $9,800 in mid-week gains. A higher consolidation is needed for correction above $10,000. Bitcoin’s consolidation on Monday and Tuesday gave way for gains above the 50 Simple Moving Average (SMA) 1-hour chart. The price action stepped above the 100 SMA 1-hour. However, the diminishing buying pressure fizzled out at the 61.8% Fib retracement level taken between the last drop from $10,228 to a low around $9,112. The price surfaced above the resistance at $9,800 but lack of reliable buying pressure resulted in a slide towards $9,700. Meanwhile, BTC/USD is trading at $9,784 and beating on the resistance at $9,800. Technical analysis shows Bitcoin price has immense potential for a correction towards $10,000. The Moving Average Convergence Divergence (MACD) made an impressive move into the positive area after being in the negative zone. The positive divergence shows the bulls gaining traction against the bears. Moreover, the Relative Strength Index (RSI) is holding position at 70 after making a formidable move from levels under 30 on Sunday. The 50 SMA crossing above the 100 SMA means Bitcoin is likely to make a higher consolidation, preferably above $9,700. A higher consolidation will allow bulls to gather the strength to attack $10,000 hurdle. BTC/USD 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Canada: Real GDP in May expands by 0.2% vs. 0.1% expected FX Street 4 years Bitcoin resurfaced above $9,800 in mid-week gains. A higher consolidation is needed for correction above $10,000. Bitcoin's consolidation on Monday and Tuesday gave way for gains above the 50 Simple Moving Average (SMA) 1-hour chart. The price action stepped above the 100 SMA 1-hour. However, the diminishing buying pressure fizzled out at the 61.8% Fib retracement level taken between the last drop from $10,228 to a low around $9,112. The price surfaced above the resistance at $9,800 but lack of reliable buying pressure resulted in a slide towards $9,700. Meanwhile, BTC/USD is trading at $9,784 and beating on the resistance… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
