In comparison with the worth motion of the earlier two weeks, this weekend has been comparatively relaxed for Bitcoin (BTC) merchants. On Saturday
In comparison with the worth motion of the earlier two weeks, this weekend has been comparatively relaxed for Bitcoin (BTC) merchants. On Saturday the worth got here inside $10 of $10,000 earlier than pulling again to $9,794 and on the time of writing the worth continues to satisfy resistance at $9,900.
Crypto market every day value chart. Supply: Coin360
On the 6-hour timeframe, the amount profile seen vary (VPVR) reveals the worth rejecting on the excessive quantity node at $9,883 however on the identical time, we will see that buying quantity is starting to outpace promoting quantity.
Regardless of the shortcoming to carry above $9,900, the shorter timeframe additionally reveals Bitcoin value portray larger lows for the reason that drop on Feb. 19 to $9,352 and the worth can also be holding properly above the 20-MA of the Bollinger Bands indicator.
A excessive quantity surge may simply push the worth to the higher Bollinger band arm at $10,126 however Bitcoin would nonetheless have some challenges forward.
BTC USDT 6-hour chart. Supply: TradingView
If Bitcoin can maintain the $9,850 assist and push above $9,883, we may see the worth rise to $10,200 as it’s at present sandwiched between VPVR nodes at $10,210 and $9,892.
In an earlier evaluation, Cointelegraph contributor Keith Waring explained that $10,000 is a much less vital stage to realize when contemplating {that a} important resistance at $10,300 awaits.
Waring additionally notes that though Bitcoin’s present setup strengthens the chance of the worth retaking the $10Okay mark, the CME shut at $9,740 on Feb. 21 means merchants believing within the CME hole narrative will maintain their powder with the expectation of the worth revisiting the hole.
BTC USDT every day chart. Supply: TradingView
In the meantime, crypto analyst Micheal Van De Poppe has taken a extra bullish perspective, tweeting the above chart and saying:
“Retest completed. So long as this stage stays assist, I am anticipating continuation in direction of $11,000 / $11,600.”
BTC USDT every day chart. Supply: TradingView
On the time of writing, Bitcoin value continues to push alongside the descending trendline at $9,989. A break above this trendline would put the worth above the VPVR excessive quantity node at $9,892 and nearer to the 61.8% Fibonacci retracement. This could additionally strengthen the potential of Bitcoin taking out the earlier every day excessive at $10,250.
The every day relative energy index (RSI) can also be making its means out of impartial territory because it at present climbs above 55. One other constructive signal is the every day shifting common convergence divergence (MACD) histogram portray a shorter, pink bar which reveals promoting is abating as bull quantity will increase.
For the short-term, we are going to search for Bitcoin value to push to $10,200 and watch to see if the digital asset can reclaim this resistance as assist as this could set the worth up for an additional go at $10,300. Within the occasion that the worth does drop to fill the CME hole at $9,740, merchants will possible view this as a buying alternative since Bitcoin has discovered assist at this value since Feb.7 and beneath $9,740 there has can also be assist at $9,450.
The views and opinions expressed listed here are solely these of the author and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer includes threat. You need to conduct your personal analysis when making a call.