Bitcoin price edges higher; forms another bullish pennant pattern, consolidation expected before attacking $9,500
|- Bitcoin price rises over 3% on Tuesday, indicators point towards higher consolidations.
- BTC/USD short-term support at $9,200; $8,800-$8,900 will provide stronger support.
Bitcoin price has continued to retrace even higher exploring new levels in April. The cryptocurrency is up over 3% in the last 24 hours. BTC/USD finally breached the awaited $9,000 level during the Asian trading hours even forming a short-term support above $9,200.
The price is edging higher on the 15’ timeframe chart while the indicators are showing signs consolidations during the intraday trading on Tuesday. The RSI is pointing downwards to signal that the sellers are beginning to enter the market, while the moving averages are showing signs of consolidations above $9,000.
On the downside, a short-term support has been formed at $9,200, although a stronger support is at $8,900. Continued declines will be stopped by another highlighted support at $8,800. Bitcoin price must consolidate above $9,000 to allow time to gain momentum to attack new levels towards $10,000.
BTC/USD 15' chart
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