Search ForexCrunch
  • Bitcoin price is coming out strongly on Friday.
  • If BTC manages to correct above $9,600 we can expect a second leg above $9,800.

Bitcoin is battling to detangle itself from the bears’ pit it plunged into yesterday. $9,300 came out strongly as support. This has given Bitcoin a springboard to retrace the steps towards $10,000. The price is already trading above the 50 Simple Moving Average 15-mins and the 100 SMA 15-mins.

The double-cross of the 50 SMA above the longer-term 100 SMA just gave Bitcoin a breathtaking boost above the resistance at $9,500. Bitcoin is teetering at $9,523 at the time of press. The immediate upside is capped at $9,600; the level that will determine the next direction for Bitcoin price. If BTC manages to correct above $9,600 we can expect a second leg above $9,800. However, a reversal short of $9,600 will demoralize the buyers resulting in a correction towards $9,300.

Meanwhile, technical, levels are in support of the current uptrend. The Relative Strength Index (RSI) is almost brushing shoulders with 70 (overbought zone). Also, the Moving Average Convergence Divergence is moving closer to the mean line in the quest to re-enter the positive zone. The visible divergence means that the buyers have the energy to push BTC higher.

BTC/USD 15-mins chart