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  • Bitcoin has lost some volatility in recent sessions.
  • After the large spike yesterday buyers could not carry the momentum.
  • Ahead of the US session buyers have just come in to defend 10k once again.

Bitcoin chart

The 4-hour BTC/USD chart above looks like it’s in a big consolidation phase as bulls and bears make up their mind. I think if 10,000 gives way it could open the floodgates at least to the next support level of 9,479.  

The trendlines are now narrowing and heading toward the apex at around 10,400 so it will be decision time in terms of the technicals. On the resistance side, 10,500 looks to be the main barrier in the short term and beyond that 10,936 looks strong.  

Both the Stochastic and MACD indicators have just turned bearish but are still pretty tight. The MACD moving averages have converged right a the mid-line so a tilt in price, either way, will sway the indicator.

Yesterday, the Telegram announcement didn’t get as much traction as you would have expected which seems strange to me and in my previous experience if something doesn’t move up on good news there’s only one way it will break. Or the news didn’t travel far enough.