- Bitcoin price is coming out strongly on Friday.
- If BTC manages to correct above $9,600 we can expect a second leg above $9,800.
Bitcoin is battling to detangle itself from the bears' pit it plunged into yesterday. $9,300 came out strongly as support. This has given Bitcoin a springboard to retrace the steps towards $10,000. The price is already trading above the 50 Simple Moving Average 15-mins and the 100 SMA 15-mins.
The double-cross of the 50 SMA above the longer-term 100 SMA just gave Bitcoin a breathtaking boost above the resistance at $9,500. Bitcoin is teetering at $9,523 at the time of press. The immediate upside is capped at $9,600; the level that will determine the next direction for Bitcoin price. If BTC manages to correct above $9,600 we can expect a second leg above $9,800. However, a reversal short of $9,600 will demoralize the buyers resulting in a correction towards $9,300.
Meanwhile, technical, levels are in support of the current uptrend. The Relative Strength Index (RSI) is almost brushing shoulders with 70 (overbought zone). Also, the Moving Average Convergence Divergence is moving closer to the mean line in the quest to re-enter the positive zone. The visible divergence means that the buyers have the energy to push BTC higher.
BTC/USD 15-mins chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.