- Bitcoin bulls struggled to keep Bitcoin above $10,000 resulting in slide to $9,657.
- The technical picture is still positive despite the failure to correct above $11,600.
The trend in the market over the last week has seen investors bracing themselves for rough rollercoaster rides. Following the declines from the yearly highs above $13,000, Bitcoin bulls struggled to keep Bitcoin above $10,000. The ‘king’ of crypto’s valued thinned further to weekly lows at $9,657 before a recovery ensued.
The initial break above the 50 Simple Moving Average (SMA) around $10,000 gave BTC/USD a boost past the second resistance at the 100 SMA15-mins at $10,200. This further pulled Bitcoin in an impressive engulfing candlestick stepping above $10,400. Bitcoin continued with the recovery which spilled into the Asian trading hours on Wednesday forming a weekly high at $11,576.
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A slight correction from the intraday high found support at $11,000 coinciding with the short-term ascending trendline. BTC/USD is trading at $11,200 with the first resistance at $11,400. In order to assault $12,000 hurdle, the resistance at $11,600 must be cleared.
The technical picture is still positive despite the failure to correct above $11,600. Bitcoin could retest $11,000 support to create fresh demand. The Relative Strength Index (RSI) is moving gradually downwards as bulls struggle to find balance. With the Moving Average Convergence Divergence (MACD) staying above the mean line (0.0) reversal to higher levels is a possibility in the sessions today.
BTC/USD 15-mins chart
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