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Bitcoin could break higher today

  • Price broke out from the trendline on decent volume but failed to gather momentum.
  • After finding resistance at just ahead of 9,500 the price has moved underneath the value area.
Bitcoin could break higher today
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

Bitcoin has been volatile over the past few weeks. 10K seems to be a tough nut to crack and is now a strong resistance zone.

Since finding resistance just ahead of 10K the price it a low close to the current consolidation low of 8,920.00.

On Tuesday the price pushed high and took out the downward sloping trendline on the chart.

What is encouraging for the bulls is the amount of volume on the breakout. 

Subsequently, the price met some resistance at the peak of the volume profile level on the right-hand side of the chart.

This level represents the price where most contracts traded on the Coinbase exchange.

It looks like the bulls are coming back into the market but we have to wait and see 9,433.00 can get taken out.

Bitcoin analysis

BTC/USD

Overview
Today last price 9251.81
Today Daily Change 87.68
Today Daily Change %0.96
Today daily open9164.13
 
Trends
Daily SMA208401.57
Daily SMA508817.01
Daily SMA1009615.48
Daily SMA2008987.85
 
Levels
Previous Daily High9433.17
Previous Daily Low8995.99
Previous Weekly High8784.17
Previous Weekly Low7300.54
Previous Monthly High10942.68
Previous Monthly Low7706.37
Daily Fibonacci 38.2%9162.99
Daily Fibonacci 61.8%9266.17
Daily Pivot Point S18962.36
Daily Pivot Point S28760.59
Daily Pivot Point S38525.19
Daily Pivot Point R19399.53
Daily Pivot Point R29634.93
Daily Pivot Point R39836.7

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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