Technical Analysis: Bitcoin still looking bullish
|- BTC/USD hourly chart still looking bullish
- 10,500.00 support level was rejected as prices push to higher levels
- Price printed above 10,750.00 resistance but has dipped back below
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The hourly chart below shows that although BTC/USD is still down on the session the bulls are not ready to give up just yet. Volumes on the Coinbase exchange have been pretty quiet this afternoon as most of the major coins look subdued after the Bakkt trade winds down. Bears gave a run for 10,500.00 a good go twice today only to be thwarted by buyers at 10,562.00. There are a couple to technical factors in play too, the trendline marked on the hourly chart above is around that region and also it has been a major support and resistance level in the past.
The 4-hour chart below is also showing two bullish hammer candles as the price is rejecting downside movement. There is a major level on the horizon if the bullishness continues at 11,200.00 as marked on the chart. The only glaring bearish signal on this chart comes from the RSI indicator was from a trendline brake to the downside. Although, this could be seen as a positive as price may be having a breather before another push higher.
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