Home CryptoCurrency Bitcoin Price Bulls Pin Hopes on Descending Channel Breakout to $10K

Bitcoin Price Bulls Pin Hopes on Descending Channel Breakout to $10K

Bitcoin (BTC) worth confirmed a little bit of power by briefly pushing to $9,235 because the every day shut occurred however on the time of writing the top-ranked digital asset on CoinMarketCap is buying and selling beneath the $9,200 resistance. 

Crypto market weekly worth chart. Source: Coin360

As mentioned within the previous analysis by Cointelegraph Markets, the value stays pinned beneath the 20-MA and the descending trendline from the June 1 excessive at $10,380. Until Bitcoin can safe a every day shut above the $10,400-$10,500 stage the value stays liable to a breakdown to the $8,800 assist. 

BTC USDT 1-hour chart

BTC USDT 1-hour chart. Source: TradingView

The 1-hour chart reveals as we speak’s rejection occurred barely above the $9,200 resistance and descending trendline the place the value fashioned a tweezer high earlier than pulling again to $9,165. 

On the every day timeframe, the RSI stays beneath 50 however on the MACD the histogram has flipped from crimson to pink because the bars start to shorten and the Bitcoin worth is forming increased lows, signaling that promoting has begun to lower. The MACD has additionally began to flatten and pull nearer to the sign line. 

BTC USDT daily chart

BTC USDT every day chart. Source: TradingView

Currently, Bitcoin is beneath the descending channel trendline and 20-MA but when bulls can handle a excessive quantity spike the value may surge above the excessive quantity VPVR node at $9,600 and within the course of flip the $9,200-$9,500 space to assist. 

Failure to show $9,400 to assist within the short-term is prone to end in a revisit to the $8,900 assist the place consumers proceed to indicate curiosity in buying. 

On the every day timeframe the Bollinger Bands indicator reveals that regardless of the weak quantity and waning momentum, compression continues to happen because the buying and selling vary tightens, all alerts that a rise in volatility is incoming. 

Risk-averse merchants would possibly think about ready for a 4-hour or every day shut above $9,400 earlier than deciding to open an extended or quick place. Buying a breakout above the excessive quantity VPVR node at $9,600 may very well be dangerous as the value has repeatedly rejected at $9,800 and $10,000. 

Traders seeking to go lengthy would possibly anticipate a bounce at $8,900 or perhaps a breakdown of this key assist stage. Meanwhile, bears will seemingly look to open quick positions from $9,400 by $9,600 as the value has seen on this zone. 

Bitcoin daily price chart

Bitcoin every day worth chart. Source: Coin360

As the Bitcoin worth traded sideways, altcoins moved barely increased. Crypto.com Coin (CRO) rallied 6.62% whereas Cosmos (ATOM) and Enjin Coin (ENJ) gained 4.20% and 12.23%, respectively. 

According to CoinMarketCap, the general cryptocurrency market cap now stands at $260.5 billion and Bitcoin’s dominance fee is 64.7%.

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