- Technical analysis shows Bitcoin in a bullish mode post trendline resistance.
- The MACD increasing divergence suggests further upside correction.
Bitcoin bulls are finally here after taking a breather from the yearly high achieved yesterday. Although there was an immediate sharp correction below $9,000. As discussed in the previous price analysis, support was formed at the 50% Fib level between the last swing high of $9,392 to a swing low at $8,178.
A recovery occurred almost immediately with Bitcoin jumping back above $9,000. There was struggle at $9,200 on Monday morning (GMT), however, the return of the bulls has pushed the price above the trendline resistance.
Bitcoin increased the gains to highs of $9,337 but has corrected to the current $9,283. It is important that BTC/USD jumps above $9,400 resistance in order to allow the buyers to focus to levels around $9,800 going to $10,000.
Technical analysis shows Bitcoin in a bullish mode; the Relative Strength Index (RSI) has not been able to return into the overbought by continues to trend gradually upwards above 60. Looking at the Moving Average Convergence Divergence (MACD), we can tell that Bitcoin still has the potential for growth in the coming session. The indicator’s increasing divergence means points towards rising momentum towards $9,300 in this session and the next ones.
As far as support is concerned, $9,200 is the initial cushion zone for a reversal. $9,000 and $8,800 will come in handy while $8,600 and $8,000 are key areas in case of devastating retracement.
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