BTC/USD technical analysis: Bitcoin rejects lower levels today

BTC/USD has rejected downside levels today as 10k remains the main support.
Bitcoin could hit 10,500 again if there is a conclusive break above 10,382.00

Rajan Dhall, MSTA FX Daily

On the intraday timeframe, BTC/USD has rejected lower levels twice in today's session. The areas marked by arrows on the chart shows where today's main volume kicked in and recently we have just had an upside break.

The RSI indicator has also just broken above the 50 midline after not being able to reach the oversold zone.

Today BTC/USD is still down 0.84% but it remains resilient.

On the volume profile indicator on the left-hand side the main value level is at 10,328.00. Keep an eye out of this level as if there is a rejection there it could show us that the move back up was a mean reversion phase.

If BTC/USD conclusively brakes above 10,328.00 then 10,500.00 could be the right target.

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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