Bitcoin Price Analysis: Is this falling wedge pattern BTC/USD fastest ticket to $10,000?

Bitcoin price breakout from the wedge resistance takes a breather above $9,150 following resistance at $9,300.
Bitcoin remains in the hands of the bulls despite retreat from $9,300; run-up to $10,000 in the offing.

Bitcoin bulls have strongly defended initial support at $9,150 after a rejection from highs close to $9,300. The price is dancing with $9,176 amid attempts to break the resistance at $9,200. Like the other major cryptocurrencies such as Ethereum and Ripple is in the red. It has lost 0.39% of its value on Thursday. The European session is likely to experience increased volatility, especially with the trend slowly turning back to bullish.

Bitcoin falling wedge pattern impact

The recovery above $9,000 was as a result of a breakout past the failing wedge pattern resistance. This encouraged buyers to enter the market, pushing the price upwards. This momentum appears to be still in the picture as long as they can keep above the support at $9,150 and reclaim the position past $9,200.

The moving averages; the 50 SMA and the 100 SMA are in line to offer support around $9,000. Meanwhile, the 50 SMA has crossed above the long term 100 SMA. If the gap above the 100 SMA continues to widen, there is a possibility for higher gains towards $10,000 as bulls regain confidence in the recovery trend.

Technical indicators currently point towards a sideways/consolidation trend. The RSI has slowed down the retreat from the overbought region above average (50). Consequently, the MACD is holding above the mean line to show that bulls have an upper hand in the near term.

BTC/USD 1-hour chart

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.