- Bitcoin gets ready for the action in the coming weekend session after defending $9,100 support.
- Correction towards $10,000 depends on the ability to cross above $9,200 and $9,500 resistance zones.
Bitcoin has in the last couple of days been inclined towards $9,000. A short-lived movement on Thursday tested the short-term support at $8,850. However, price action on Friday has been relatively bullish. BTC/USD was able to jump above $9,200 but adjusted to the current value at $9,157.
The 120’ chart, shows the Bitcoin contract dancing between the Moving Average (MA) support and resistance. The immediate upside is barricaded by the 50 MA while the 100 MA continues to offer support at $8,850.
BTC/USD two-hour chart
Looking at the pointer before the weekend session, we can tell that, Bitcoin is likely to end the day trading in the green. The most probably move is to have the price between $9,200 and $9,500. The weekend session is known to have a love affair with Bitcoin. Therefore, with the growing trading volume and the right technical picture, traders should consider longing on Bitcoin futures as opposed to shorting it.
The Relative Strength Index (RSI), for instance, is moving towards the overbought (70 and above) after returning above 50. In addition, that, the narrowing gap between the 50 MA and the 100 MA signifies a growing bullish momentum.
Another bullish indicator is the formation of a falling triangle pattern. The pattern has been tested more than once, which means if broken, a remarkable correction could emanate from it towards $10,000.
In the event, declines swing in, $8,850 – $8,800 is a viable initial support zone. The continued lower correction will find support at $8,400 as well as $7,300.
Trade Bitcoin on Bybit ->
Bitcoin Key Technical Levels (Bybit)
Last traded price: $9,184
Mark price: $9,177.76
Index price: $9,179.03
24-hour volume: $919 million
Open Interest: $132 million
Funding rate: 0.0208%
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