Bitcoin Price Stuck In Consolidation: Why Hope For Trading Above $10,000 Is Still Alive

Bitcoin
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Bitcoin Price Stuck In Consolidation: Why Hope For Trading Above $10,000 Is Still Alive

  • Volatility starts to make a comeback into the crypto market following a weekend session dominated by consolidation.
  • BTC/USD bulls are focused on breaking the resistance at $9,300; a move that would pave the way for gains above $9,400.

Bitcoin price has refused to budge and remains in consolidation in spite of a breakout above descending trendline resistance. The breakout saw Bitcoin climb past the 61.8% Fibonacci level taken between the last swing high of $9,475 to a swing low of $8,905. The gains extended above $9,300 but the weekend bullish action culminated at $9,330 (resistance). BTC/USD adjusted lower and confirmed the support at $9,200.

Read moreBitcoin Technical Analysis: XBT/USD Fake Breakout Sabotages Rally To $10,000

Meanwhile, BTC/USD is dancing at $9,292 amid a bullish picture. Gains above $9,300 are likely in the ongoing Asian session but higher volatility is anticipated during the European session.

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The Relative Strength Index (RSI) hints that buyers have begun to gain traction against the bulls. The indicator is pointing upwards after bouncing off support at the midline. The bullish picture is highlighted by the MACD. This indicator is holding the ground above the midline in addition to featuring a positive divergence. In other words, the trend is in the favor of the bulls and if the situation remain unchanged, Bitcoin would continue to grind north.

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Resistance is anticipated at $9,400, $9,450 and $9,600. If Bitcoin brings down the seller congestion in these areas, there is a chance a new path to $10,000 would be created. For now, all the attention should go towards overcoming the hurdle at $9,300 and defending support at $9,200. Losses under $9,200 are likely to seek support at $9,000 and $8,900 respectively.

Bitcoin Intraday Key Levels

Spot rate: $9,292

Relative change: -5.96

Percentage change: -0.06%

Trend: Bullish

Volatility: Expanding

 

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Bitcoin Price Stuck In Consolidation: Why Hope For Trading Above $10,000 Is Still Alive
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Bitcoin Price Stuck In Consolidation: Why Hope For Trading Above $10,000 Is Still Alive
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Volatility starts to make a comeback into the crypto market following a weekend session dominated by consolidation. BTC/USD bulls are focused on breaking the resistance at $9,300; a move that would pave the way for gains above $9,400.
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Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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John Isige 607 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Follow John @