Bitcoin Price Analysis: BTC/USD stalls at 9600 as internal trendline resistance kicks in
- Crypto sentiment is mixed on Friday as Bitcoin trades lower on the session.
- The price has met some resistance at an old trendline and could target lower levels.
BTC/USD daily chart
Bitcoin failed to gather any real momentum from Thursday's bullish close after breaking through the 9K level once again two sessions ago. The Relative Strength Index indicator has now moved back above the 50 mid-point but looking at the MACD there are some mixed signs. The MACD histogram is still in the red but the signal lines are above the zero level at least. Overall the trend is still firmly higher but the bulls just ran out of steam at the end of the week.
The key feature on the chart is the blue resistance line from a previous trend. The trendline has been tested four times as support and now it has become a resistance zone for the current push higher. If the market does end up breaking the level then the bulls will need to break 9600 to target the 10K resistance point once again. On the downside the major support level is at the previous wave low of 8105.58. At the moment this is still an uptrend until the aforementioned support is broken.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
