- Bitcoin price formed a solid support near the $9,200 level and recently recovered against the US Dollar.
- The price is trading nicely above $9,500 and it recently tested the $9,770 level.
There is a short term contracting triangle forming with resistance near $9,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to continue higher once it clears the $9,750 and $9,800 resistance levels.
- In the past few hours, bitcoin price recovered above $9,500 against the US Dollar. BTC price is showing positive signs and it could continue to rise towards $10,000 and $10,200.
Today, the leading cryptocurrency made its way to $9,900 from the low of $9,150 on Monday. At the time of writing, BTC/USD has been trading at $9,830 with 24 hours gains of 3.19 percent while managing the trading volume of $823 million.
As Bitcoin turns green altcoins have started showing signs of life, with Tezos leading the pack with 20% gains, thanks to Coinbase listing while Bitcoin Cash is up by 7%, followed by Litecoin which is in the green by 6.18% as it prepares for its halving next week.
Despite trading in a lower price range since dropping back to a four-figure price point in a recent corrections, BTC is today up a solid 2.4%, bringing it to $9,717 by press time. This mild uptick nonetheless stops short of bringing the coin back into the green on its 7-day chart, where Bitcoin is still reporting a fractional 0.7% loss. On the month, losses are starker, topping 8%.
For the first time in over a week bitcoin price has crossed the 200 moving average on the hourly chart. While the move isn’t overtly bullish on such a short time frame, it is the highest BTC has been since the weekend. During morning trading the king of crypto tapped a four day high of $9,830 according to Tradingview.https://www.tradingview.com/chart/dqZZEm12/
Bitcoin looks set to end its five-month winning streak with prices currently down 9 percent from the monthly opening price of $10,759, according to Bitstamp data.
A low-volume price breakout seen on 4-hour chart indicates BTC may have a tough time scaling key resistance at $10,235 in the next few hours.
Long-term charts retain the bullish bias despite the monthly loss.
A UTC close above $11,120 is needed to revive the short-term bullish outlook.
The bulls are regaining momentum as bitcoin and other top altcoins record moderate gains and recover from their recent loses. Bitcoin is trading well above the $9,500 zone and is currently testing the $9,750 area as it shows signs of foraying higher.
The total market cap for all cryptocurrencies is standing at $270 billion, the total trading volume at $46.9B while bitcoin’s dominance is at 64.6%. Top 10 altcoins are seeing gains ranging from 0.16% to 5%. Tezos (XTZ), the 16th largest crypto by market cap, is the best performer of the day, surging by an impressive 23%.
The original cryptocurrency enjoyed some positive price action on Tuesday, as its managed to clinch its first close above $9,600 in four days. After spending the morning part of the session hovering around the $9,500 mark, the digital coin saw some solid gains in the afternoon, with its price rising to as high as $9,701.76. BTC pulled back in the final hours of the session, finishing the day at $9,607.42, up from its opening price of $9,522.33.
To sum it up, there are always two sides: While the support at $9,000 seems strong, we could always go below it and break the aforementioned double bottom formation. Bitcoin hasn’t been able to overcome the resistance line provided by the 50-day moving average (marked in purple on the 4-hour chart) over the past ten days, and as of now, it is taking another shot.
Two technical gauges are pointing to a potential drop in the price of Bitcoin.
According to Bloomberg, BTC has fallen below the lower limit of the GTI VERA Band indicator – a sign that bulls may be running out of steam. The leading cryptocurrency has also slipped below its 50-day moving average support, which could signal an end to the uptrend that brought Bitcoin to $14,000 a month ago.