BTC Latest Trend Could See it’s Value Rally Above $10K
The BTC/USD pair is currently seeing better days, having gained enough momentum to jump over the $9,550 resistance mark. It is highly likely to drift away from the head and shoulder pattern. It appears that the pair is in a prime position to rally over $10k.
In the past week, discussions of a possible head and shoulders pattern formation were held following the pair’s price movement under $9.5k. The price made a downside slide under the $9.3k mark, but the sellers were not quite able to sink the pair’s value below the support set at $9,150.
The occurrence has paved the way for buyers’ dominance, which has raised the pair’s price over $9.4k. Moreover, the price has now gained the ability to break the barrier at $9.5k and the 100 hourly SMA.
The BTC/USD pair’s price attained a fresh high this year, which got close to $9,609 after incurring some losses. It reverted to the $9,250 zone and proceeded with the downside move to hit a low close to $9,232.
The hourly BTC against the USD chart clearly shows the formation of a connecting bullish trend line, with the support barrier value close to $9,280. Hence, it appears that support exists close to $9,280 and $9,240.
The significant support remains close to $9,150, and a move under it poses a risk of a colossal downside retracement to $8.8k or even $8.6k.
The existing barriers between the $9.5k and $9,550 marks are essential to the pair’s market value. If the price crosses over the two barriers, it will lead to more upsides towards the $10k barrier zone.
Any additional gains over $10k could lead to a $10.4k barrier in the sessions ahead. On the other hand, if the pair keeps striving close to the $9.5k and $9,550 barrier, there is a risk of declining beneath $9,240 and $9,150 support soon.
by Olowoporoku Adeniyi
by Mandy Williams
by Olowoporoku Adeniyi