Bitcoin price analysis: BTC/USD revived uptrend is bound to hit higher levels

Bitcoin is trading at $10,387 below its opening price of $10,335 on Friday. However, the upward correction is only getting started. The four-hour chart for BTC/USD trading pair displays an asset with great potential to explore high levels towards $11,000.

Following the worrying dip below $10,000 earlier in the week, BTC/USD bounced back from the support at $9,800. The consolidation that followed between $10,000 and $10,200 paved the way for the late Thursday push above the 100 Simple Moving Average resistance and the 50 SMA on the 4-hour chart. BTC stepped above $10,400 resistance before hitting the barrier at $10,474 (confluence resistance level discussed yesterday).

Read also: Cubans resort to Bitcoin and cryptocurrencies to bypass U.S. sanctions

The Moving Average Convergence Divergence (MACD) has a bullish inclination. If the signal crosses into the positive zone, buyers are likely to find more faith with the uptrend. Meanwhile, the existing positive divergence is good enough to sustain Bitcoin above the short-term 50 SMA support. Moreover, the Elliot Wave Oscillator is in its initial phases of a bullish session likely to continue in the coming sessions. Apart from the SMAs support, Bitcoin would find cushion at $10,200, $10,000 and $9,800 in the event a reversal occurs. The main support for the crypto remains between $9,200 and $9,400.

BTC/USD 4-hour chart