Bitcoin recently failed to sustain gains above the broken resistance at $9,600. Although the focus was on $10,000, the largest cryptocurrency by market capitalization only managed to brush shoulders with $9,624 (on Coinbase). Following the failed attempt are; declines that still give the bulls a hard time. Several support levels have been shuttered including at $9,500, $9,400, and $9,200.
On Wednesday, during the Asian session, Bitcoin barely managed to defend the short term support at $9,150. In the meantime, BTC is trading at $9,186 after growing 0.24% from its opening value of $9,162.
BTC/USD 2-hour chart
Short Term Falling Wedge Pattern
In spite of the retracement, bulls have not lost balance entirely. First, they have been able to not only hold above $9,100 but also push for a shallow recovery towards $9,200 (short term resistance). Bitcoin is also trading above a short term falling wedge pattern. The resistance break is setting the ground for ongoing correction likely to rise above $9,200.
As long as Bitcoin stays above $9,200 (current bullish zone), the buyers will have a chance to gather the strength to push for gains in the direction of $9,400 (medium-term target). The 50-day SMA resistance at $9,287 must be cleared to cement the bulls’ control over the price. If the Elliot Wave Oscillator jumps into a new bullish session, that could signal increased buying power.
Bitcoin Key Levels
Spot rate: 9,181
Relative change: 18.50
Percentage change: 0.20%
Support: $9,150, $9,100 and $9,000.
Resistance: $9,200 and $9,400
