BTC/USD technical analysis: Bitcoin might make another run for 10k today
- Crypto sentiment is still subdued but price might make another run for 10k.
- Trading volumes are still light but traders are still looking at the technical structure.
On the four-hour chart, there is a triangle formation plating out, although it is a pretty zoomed out chart.
Yesterday BTC/USD took another dip below 10k but there seems to be a lack of conviction at the moment.
Either direction when price crosses the 10k mark there is hardly ever any follow-through.
If you look at the volume profile area on the left-hand side of the chart we are currently under the mean value area.
This area is around 10,387.00 and is where most contracts changed hands on the Coinbase exchange.
The RSI is in oversold territory and made a lower low lower high formation much like the price action.
The main support area is 9,375.00 and below that traders will be looking out for 9,071.00.
On the topside, the next support is the psychological 10k level and just above 10,070.00.
Volume is also looking thin and I feel like we need a catalyst to get the price moving.
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.
