BTC/USD Technical Analysis - 10,000 has once again been rejected but volume has been thin in the EU session

Price action pretty muted so far in the EU session ahead of US open
After yesterday's downside rejection there has not been to much conviction to the upside
BTC/USD still holding above key psychological 10,000.00 level

Rajan Dhall, MSTA FX Daily

Looking at the 4 hour chart above you can see the market is still rejecting lower levels and a new higher low has been created. The Stochastic indicator moved into more positive territory and is heading to the 50 mid-line. The MACD histogram also crossed the mid-line but the moving averages are still stuck underneath. Heading into the weekend it looks like we are in a consolidation mode with a slight upside bias following yesterday's hammer candle on the daily chart.

The chart below is the intraday price action on a 5-minute chart. Mean value today holds at around 10,100.00 and any break of the 10,250.00 resistance will surely mean a test of the daily upside target of 10,400.00. Price did dip below the key psychological 10,000.00 level but then swiftly shot higher with buying volume coming in around 11.40am London time. BTC/USD has since made a higher low with the next wave high resistance at 10,232.44.

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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