Bitcoin Price Settles Above $9,600 But Ignoring This Double-top Pattern Is The Key To $10,500
- Bitcoin price holds dearly to $9,600 support even as attempts to break $10,000 rendered unsuccessful.
- Bitcoin golden cross pattern could be the key for the breakout targeting $10,500 in the medium term.
The most traded cryptocurrency, Bitcoin has in the past several days struggled to break the resistance at $10,000. All attempts made to clear the resistance has been thwarted, culminating in Bitcoin testing lower levels at $9,600 and $9,500.
At the time of writing, Bitcoin is trading at $9,700 after holding above the short term intraday support at $9,700. On the upside, the immediate resistance is felt at $9,800. This short term resistance was overcome earlier today but the bulls hit a wall at $9,839 (intraday high). It is apparent that buyers lack the catalyst to sustain gains towards $10,000 despite the technical picture remain positive.
What Are The Odds Of Ignoring The Double-top Pattern
According to the prevailing technical picture, Bitcoin is comfortably in the hands of the bulls. The moving averages; 50 SMA and 200 SMA in the daily range display an interesting bullish picture with the formation of a golden cross. In other words, Bitcoin is on the verge of a technical breakout likely to ignore the double-top pattern and explored above $10,000. In the medium term, the ultimate target is $10,500.
BTC/USD daily chart
The RSI is also in support of the bullish breakout. For example, its recovery from the previous two weeks’ lows has been gradual but steady. If a breakout fails to come into play, consolidation above $9,600 would likely take precedence.
Bitcoin Intraday Key Levels
Spot rate: $9,700
Relative change: -83
Percentage change: -0.81%
Trend: Bearish (short term bias)
Volatility: Expanding
High: $9,839
Low: 9,635
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