Bitcoin price renews the trend towards $10,000 after reclaiming the ground above $9,800.
BTC/USD is trading within the confines of an ascending channel whose support remains key in the fight to $10,000.
Bitcoin bulls have been keen on pulling the price above $10,000 in spite of the lock-step trading experienced this week. First, there was a massive breakout above $10,000 to the extent that Bitcoin jumped above $10,400. However, due to the lack of enough volume, there was no follow up. Instead, the bulls started playing defense mechanisms to keep the price above $10,000. Unfortunately, they were overpowered by the bears, culminating in a slide to levels marginally above $9,300.
Recovery in the last few days has not been rapid and quick but it has been steady. BTC/USD is now trading at $9,777. There has been a minor retracement from the intraday highs at $9,890 (on Coinbase). In spite of the correction under $9,800, technical indicators such as the Relative Strength Index (RSI) show that consolidation could take over in the European session. Moreover, the Elliot Wave Oscillator (EWO) has maintained a bullish session since May 27. As long as the technical picture remains the same, reclaiming the ground above $9,800 and later $10,000 would not be an uphill task.
BTC/USD 4-hour chart
Taking a wider scope of the market, Bitcoin’s price is also trading within an ascending channel. The channel resistance prevented gains above $10,250, deeming the breakout above $10,400 as false and unsupported. For now, the channel support is still in position and if defended, buyers are likely to get a chance and/or breather to gather more energy for another attempt at breaking the seller congestion zone at $10,000.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org