- Bitcoin price breakout from the wedge resistance takes a breather above $9,150 following resistance at $9,300.
- Bitcoin remains in the hands of the bulls despite retreat from $9,300; run-up to $10,000 in the offing.
Bitcoin bulls have strongly defended initial support at $9,150 after a rejection from highs close to $9,300. The price is dancing with $9,176 amid attempts to break the resistance at $9,200. Like the other major cryptocurrencies such as Ethereum and Ripple is in the red. It has lost 0.39% of its value on Thursday. The European session is likely to experience increased volatility, especially with the trend slowly turning back to bullish.
Bitcoin falling wedge pattern impact
The recovery above $9,000 was as a result of a breakout past the failing wedge pattern resistance. This encouraged buyers to enter the market, pushing the price upwards. This momentum appears to be still in the picture as long as they can keep above the support at $9,150 and reclaim the position past $9,200.
The moving averages; the 50 SMA and the 100 SMA are in line to offer support around $9,000. Meanwhile, the 50 SMA has crossed above the long term 100 SMA. If the gap above the 100 SMA continues to widen, there is a possibility for higher gains towards $10,000 as bulls regain confidence in the recovery trend.
Technical indicators currently point towards a sideways/consolidation trend. The RSI has slowed down the retreat from the overbought region above average (50). Consequently, the MACD is holding above the mean line to show that bulls have an upper hand in the near term.
Read also: Three reasons why Goldman Sachs believes Bitcoin is not an asset class
BTC/USD 1-hour chart
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