Bitcoin Market Update: BTC/USD rockets to $9,400 as volatility mounts
|- Bitcoin breaks above a falling triangle resistance propelling the price towards $9,400.
- Volatility returns to the crypto market led by BTC/USD bullish action from $9,162 to $9,368 on the day.
Following weeks of no action in all Bitcoin markets, the largest cryptocurrency is finally on an upward roll. From the opening value of $9,162, BTC has hit an intraday high of $9,368. Although the price has since adjusted $9,340, the potential for gains is still high especially with the entire market trending upwards.
Looking at the daily BTC/USD pair chart, the price has broken above a key falling triangle pattern. As discussed on Monday, a breakout above this triangle would most-likely catapult Bitcoin above $9,500.
Meanwhile, Bitcoin’s immediate upside is capped by the 50-day SMA. The seller congestion at this zone seems to be high but if Bitcoin’s technical picture remains intact, it would only be a matter of time before the price steps past $9,500.
The RSI highlights the strong bullish grip with its upward sloping motion. The narrowing gap between the 50 SMA and the 100 SMA suggests that bulls will remain in the driver’s seat for a while. In the event a reversal comes into play and Bitcoin starts to lose ground, support is expected at $9,300, $9,250 and $9,100.
BTC/USD daily chart
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