- Bitcoin bulls hold above $9,200 support following recovery from $9,100 (weekend support).
- BTC/USD bulls are looking forward to lift-off from the triangle resistance with eyes glued on $10,000.
- Consolidation could carry the day before the breakout as highlighted by the RSI and MACD.
Bitcoin price drab trading action continues as we enter a new week. The weekend session was characterized by a minor bullish action with BTC/USD stepping above $9,200. Note that, the largest cryptocurrency dived to $9,050 towards the end of last week. The selloff was not unique to Bitcoin but altcoins such as Stellar, Chainlink and Cardano suffered the most because they had rallied impressively in the first week of July.
BTC/USD recovery over the weekend lost steam short of $9,250. This gave the bears ammunition as they forced Bitcoin into another drop under $9,200. Support was, however, established at $9,100. The recovery that ensued pulled Bitcoin to the prevailing market value at $9,206.
For now, consolidation is likely to take over as highlighted by both the RSI and the MACD. The RSI is holding tightly onto 50 (average) while the MACD is motionless at the midline. Support at $9,200 is vital for the bulls as they plot an attack on the resistances at $9,250 and $9,300 respectively.
BTC/USD daily chart
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The formation of a falling triangle pattern hints that a breakout is around the corner. Trading above the triangle resistance would easily catapult Bitcoin past the 50-day SMA and with the proper volume send it towards the coveted $10,000. On the other hand, it is also essential that the triangle support is protected at all costs because if shattered, Bitcoin could spiral to the supports at $8,500 and $8,000.
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