- Bitcoin bulls are working hard to nurture a bullish trend from the support at $9,400.
- All eyes are on $9,700 resistance in the near term while the ultimate prize is on breaking $10,000 resistance.
The cryptocurrency market is in the green on Monday, during the Asian session. The largest cryptocurrency by market capitalization, Bitcoin is trading 1% higher on the day. BTC/USD opened the session at $9,446 and later adjusted upwards to the prevailing market value of $9,544. Unfortunately, the existing trend is strongly bearish, and coupled with the high volatility, it could jeopardize the expected rally, aiming for $10,000.
Looking at the 4-hour chart, Bitcoin’s immediate downside is supported by an accelerated trendline (dotted line). The price recently bounced off the main trendline support (continuous black line). However, Bitcoin bulls hit a wall at $9,700 during the weekend session; a move that resulted in the retesting of support at $9,400.
In spite of the seemingly bullish trend, sellers’ influence cannot be ignored, especially with the 50 SMA still trending below the 100 SMA in the 1-hour range. On the other hand, the RSI shows that buyers have the upper hand at the moment. They must keep their focus on the resistance at $9,700, which if broken would pave the way for gains above $10,000.
BTC/USD 4-hour chart
Author: John Isige