Bitcoin could break higher today
- Price broke out from the trendline on decent volume but failed to gather momentum.
- After finding resistance at just ahead of 9,500 the price has moved underneath the value area.
Bitcoin has been volatile over the past few weeks. 10K seems to be a tough nut to crack and is now a strong resistance zone.
Since finding resistance just ahead of 10K the price it a low close to the current consolidation low of 8,920.00.
On Tuesday the price pushed high and took out the downward sloping trendline on the chart.
What is encouraging for the bulls is the amount of volume on the breakout.
Subsequently, the price met some resistance at the peak of the volume profile level on the right-hand side of the chart.
This level represents the price where most contracts traded on the Coinbase exchange.
It looks like the bulls are coming back into the market but we have to wait and see 9,433.00 can get taken out.
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.
