Bitcoin technical analysis: Looks like Bitcoin wants to test 9K again

After the promising break higher on Saturday BTC/USD has failed to find any buying momentum.
On the hourly chart we are now in a bearish channel heading toward 9,000.

Rajan Dhall, MSTA FX Daily

BTC/USD is pushing to the consolidation low that it created after the push to the 10K resistance on Saturday.

The consolidation low currently stands at 8,917.00 just below the 9K psychological support.

If you look at the same pattern on the thirty-minute chart below on a higher four-hour timeframe it does look like a bull flag that is getting ready to break higher.

It does feel like this pattern will take some breaking today but as we have seen in recent days this can happen without any notice.

On the volume profile indicator on the right-hand side we are under the main value area and the On balance volume indicator is showing no signs of buying volume just yet.

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.

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