Bitcoin

Bitcoin’s price rally remains above $ 9,000 as sellers push BTC for key support again

The price of Bitcoin (BTC) briefly broke above $ 9,000 while the bulls are apparently trying to quietly move the price above the resistance level. According to Coinmarketcap, Bitcoin’s market cap is currently $ 163,723,772,990.

Since Friday, the trading volume of the highest cryptocurrency on CoinMarketCap has practically disappeared as the price has been trading sideways between USD 8,750 and 8,850 for most of the day, but the weekend is determined to trigger a move. stronger direction.

Daily market chart for the crypto market. Source: Coin360

Bitcoin’s price rally remains above $ 9,000 as sellers push BTC for key support again
Bitcoin’s price rally remains above $ 9,000 as sellers push BTC for key support again

Graph of the daily price of the cryptocurrency market. Source: Coin360

Will the TD9 be reactivated?

As reported by Cointelegraph, the presence of a TD9 in the daily timeframe indicated technical indicators that showed overbought and declining trading volumes The price of Bitcoin was overwhelmed and traders believed that the loss of momentum would culminate in further evidence of the underlying support levels.

Although the Sequential TD9 has proven to be a fairly reliable indicator of trend changes in the impact of the Bitcoin price, the digital good is known for its tendency to go higher even when indicators like Stochastic RSI and MACD are heavily overbought.

With halving only 9 days away, keen investors could simply ignore bearish signals, believing that the price will continue to rise until halving.

Low volume impairs the dynamic

The increase to $ 9,000 resulted from a gradually increasing purchasing volume and an upward trend in converging moving average divergence. The MACD histogram has taken a positive turn as momentum continues above line 0, but the relative strength index has dropped below 50 within 1 hour.

BTC USDT 1 hour chart. Source: TradingView

1-hour chart of the BTC / USDT pair. Source: TradingView

While the move above $ 9,000 is encouraging, it lacks strength and the Chaikin Money Flow oscillator stays below 0, and while there is a higher low hourly pattern, the slightly longer upper candle shadows show what Momentum and volume remain weak compared to the recovery that happened earlier this week.

As shown in the display of the visible area of ​​the volume profile over a period of 1 and 4 hours, Bitcoin price must stay above $ 8,950, as this resistance has prevented the asset from increasing in the past 2 days.

BTC USDT weekly chart. Source: TradingView

Weekly chart for the BTC / USDT pair. Source: TradingView

According to Cointelegraph employee Michael van de Poppe This week’s rally, at over 35%, ended with a lockout set exactly on key resistance between 9,200 and 9,500 Dollar. Van de Poppe explained:

All of these resistance zones supported in mid-2019.

Short term Traders should be aware of the hourly volume and know if the price can stay above $ 8,800. If the $ 8,800 mark is missed, traders will look for the price to retest the recent lows of $ 8,400 and $ 7,800.

TRACK THE MAIN CRYPT MARKETS HERE

Do not stop reading:

Similar Posts