Bitcoin bulls recaptured the $9K mark for the second time in 24-hours and this time it looks like traders are targeting the $9.4-$9.6K zone.
Bitcoin (BTC) price has risen over the $9K mark for the second time in 24-hours. On Saturday the day bulls managed to push the price of the top listed crypto-asset on CoinMarketCap to $9,010 but the price quickly rejected at the top of the bull pennant and pulled back to the $8,800 support before making a successful second attempt at breaking out.
Crypto market daily price chart. Source: Coin360
The breakout brought the price to $9,200 and at the time of writing Bitcoin price has pulled back to the $9,100 level where traders are attempting to establish support.
On the shorter timeframe traders will note that the breakout occurred on a slight spike in volume but purchasing volume has now returned to the levels seen earlier in the day.
BTC USDT 4-hour chart. Source: TradingView
A few possibilities could play out over the next few hours: Bitcoin price could consolidate between $9,200 and the bull pennant trendline which is also aligned with a high volume node on the VPVR at $8,900.
Another more bullish outcome would entail Bitcoin price pushing through the resistance at $9,200 to exploit a small gap on the VPVR from $9,176-$9,486.
A short-term bearish scenario would occur is the price pulled below the 20-MA and $8,685 as the price could then drop to $8,400.
At the time of writing, a bullish outcome seem more likely as the MACD and RSI remain bullish on the 1 and 4-hour timeframe.
Risk averse traders are likely to wait for a retest of the $8,800 support whereas more aggressive traders could consider buying a breakout above $9,200 and profit taking at $9,400 and $9,700.
Bitcoin daily price chart. Source: Coin360
A handful of altcoins also rallied higher as Bitcoin rallied above $9,000. Ether (ETH) gained 2.34%, Litecoin (LTC) added 3.24%, Ethereum Classic (ETC) moved up by an impressive 11.59%.
According to CoinMarketCap, the overall cryptocurrency market cap now stands at $254.9 billion and Bitcoin’s dominance rate is 65.7%.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.