Bitcoin price bulls are hoping for the downstream channel to break out at $ 10,000

The Bitcoin (BTC) price showed some strength when it briefly rose to $ 9,235 when the day closedAt press time, however, the best-placed digital asset on CoinMarketCap is trading below the USD 9,200 resistance level.

Crypto market weekly price chart

Weekly market price chart for cryptocurrencies. Source: Coin360

Bitcoin price bulls are hoping for the downstream channel to break out at $ 10,000
Bitcoin price bulls are hoping for the downstream channel to break out at $ 10,000

As explained in the previous analysis by Cointelegraph Markets, The price remains below 20 MA and the descending trend line from the June 1 high of $ 10,380. Until Bitcoin closes a daily close above $ 10,400 to $ 10,500, the price remains at a risk of slipping at $ 8,800.

BTC USDT 1 hour chart

1 hour BTC USDT chart. Source: TradingView

The 1-hour diagram shows this Today’s pullback was slightly above resistance at $ 9,200 and the downtrend line. where the price peaked before falling back to $ 9,165.

The RSI remains below 50 in the daily frame, but the histogram in the MACD has changed from red to pinkwhen the bars start to shorten and Bitcoin’s price is hitting lows, indicating that sales have gradually declined. The MACD has also started to decrease and approach the signal line.

BTC USDT daily chart

Daily BTC USDT chart. Source: TradingView

Indeed, Bitcoin is below the trend line of the descending channel and 20-MA, but if the bulls can handle a large volume increase, The price could rise above the high-volume VPVR node at $ 9,600, turning the level from $ 9,200 to $ 9,500 to support.

If you can’t get $ 9,400 to become a short-term support level, is likely to return to the $ 8,900 support level where buyers continue to show interest in buying.

Every day the Bollinger Bands indicator shows that despite weak volume and decreasing dynamics Compression continues to occur when the trading range narrows. All signs indicate that volatility is increasing.

Traders who are risk averse should consider waiting for a 4 hour or daily close above USD 9,400 before deciding to go long or short.. Buying a breakout above the high-volume VPVR node at $ 9,600 could be risky as the price has continuously declined $ 9,800 and $ 10,000.

Traders looking for a long position could expect a recovery of $ 8,900 or even a breakdown of this key support level. For his part, Bears will likely try to open short positions from $ 9,400 to $ 9,600because the price has seen this area.

Bitcoin daily price chart

Daily Bitcoin price chart. Source: Coin360

When the Bitcoin price was traded, the altcoins moved a little higher. (CRO) rose 6.62%, while Cosmos (ATOM) and Enjin Coin (ENJ) rose 4.20% and 12.23%, respectively.

According to CoinMarketCap, the total capitalization of the cryptocurrency market is now $ 260.5 billion and Bitcoin’s dominance rate is 64.7%.


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