Bitcoin price seeks support above $9,900 after a significant triangle breakout.
BTC/USD bulls’ focus has shifted to $10,000 but doubts still linger on the ability to sustain gains above $10,000.
Bitcoin price is closing the gap towards the coveted psychological level at $10,000. The largest cryptocurrency has renewed the trend upward by breaking the stubborn resistance at $9,000. Since Monday, the king of cryptoassets has been in consolidation within a key range; $9,600 support and $9,900 resistance. However, the spike on Thursday has seen BTC break above a falling triangle resistance.
Following the triangle breakout, Bitcoin buyers have all shifted their attention to $10,000. At the time of writing BTC/USD is dancing at $9,930. The trend is in the hands of the bulls who desire to pull Bitcoin above $10,000. Early last week, Bitcoin surged incredibly to highs above $10,400 but the gains became unsustainable, leading to a breakdown to $9,300. Consequently, some traders are not very confident with the ongoing recovery. Most of Bitcoin rallies in the past weeks are mostly hindered by the lack of trading volume and premature fundamentals in spite of technical breakouts.
BTC/USD 4-hour chart
For now, the trend is supported by the Relative Strength Index (RSI). The indicator is almost entering into the overbought region. The uptrend puts emphasis on the stronger bullish grip. The same bullish momentum is supported by the Elliot Wave Oscillator which has maintained a bullish session since May 27. As the volume grows so does the potential of trading above $10,000. In case of a reversal, tentative support could be found at $9,800, $9,600 and $9,400 (triangle support).
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 email@example.com