Bitcoin price analysis: BTC/USD bounces back, will the bulls hit $10,500?
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Bitcoin is gaining bullish momentum above $10,300 against the USD.
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There are three significant areas of support at $10,000, 9,400, and 9,000 – 9,400 stands out.
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There is sideways trending as observed with the Relative Strength Index and Moving Average Convergence Divergence.
Bitcoin, the world's largest coin in the cryptocurrency market, has seen relatively low volatility in the past several weeks.
Bitcoin is trading between the Simple Moving Averages support and resistance. The 100 SMA on the four-hour chart is offering support at $10,149 while on the upside the 50 SMA will limit movement at $10,364.
BTC/USD four-hour chart
Despite correcting from the intraday high at $10,473, the main trendline clearly shows an up-trending market. In case Bitcoin extends the correction to lower levels, $10,200 is in line to offer support. Other important support areas include $10,000, $9,000 as well as the primary support at $9,400.
Bitcoin will likely consolidate between $10,300 and $10,400 in the coming sessions according to the sideways trend observed with Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).
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