Bitcoin price analysis: BTC/USD bounces off $9,000 support
|- $10,000 bound Bitcoin resumes the uptrend after testing $9,000.
- Technical indicators noticeably show a prevailing strong bullish grip.
Bitcoin is a beast of the cryptocurrency market or should I refer to it as the boss? The granddaddy of the market leaves no stone untoned in its majestic moves. Bitcoin sometimes owes no one an explanation for the moves it makes. With this, I am referring to the 25% gain in less than three days.
Prior to the jaw-dropping upward correction, BTC/USD was struggling to push for recovery after declines tested $7,300. Analysts and enthusiasts remained bearish where most of them predicted a further fall to $6,400 or even $6,000. However, as mentioned Bitcoin disapproved of them in a massive way by rising to $10,484 on Saturday.
The price made another quick return to $9,000 but an ongoing correction is bound for $10,000. BTC is teetering at $9,712 with the downside trying to hold above the ascending trendline. The price is also above the Simple Moving Averages (SMAs). The 50 SMA on the one-hour chart is holding ground at $9,416 while the 100 SMA is position at $8,563.
The gap between the 50 SMA and the 100 SMA continues to widen as an indication of the strong bullish control. Other Indicators like the Relative Strength Index (RSI) clear show that the trend is in favor of the bulls.
BTC/USD 60’ chart
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