The latest Bitcoin news show that BTC finally managed to secure the $9,000 mark and recaptured it for the second time in 24-hours. This time, Bitcoin goes over $9,000 thanks to a bull flag breakout – and it looks like traders are targeting the $9,400 to $9,600 zone for the BTC price.
Anyways, what is important is the fact that the Bitcoin price has risen over the $9,000 mark for the second time in 24 hours. As we already spoke, analyzed and predicted yesterday, this jump to $9,000 was inevitable given the strong momentum of the cryptocurrency lately.
The price, however, quickly rejected at the top of the one bull pennant and pulled back to the $8,800 support before it got over the psychological zone. This breakout brought the price to $9,200 and at the time of writing, BTC has pulled back to the $9,100 level where traders are attempting to establish new support.
On the shorter timeframe, traders will note that this breakout occurred on a slight spike in volume. However, the purchasing volume has now returned to the levels seen earlier in the day. As Bitcoin goes over $9,000, we can definitely turn the page to the next chapter where we are looking for a five-digit price again and a potential rise of the BTC price.
There are a few possibilities which could play out over the next few hours. First of them is the Bitcoin price consolidating between $9,200 and the bull pennant trend line which is also aligned with a high volume node on the VPVR (volume profile visible range) at $8,900.
Another more bullish outcome would show the Bitcoin price pushing through the resistance at $9,200 to exploit a small gap on the VPVR from $9,176 to $9,486. However, all of these are theories right now and as Bitcoin goes over the $9,000 mark, we can expect many good things ahead of the way.
At the time of writing, BTC is trading at $9,090 in the cryptocurrency news – and a bullish outcome seems more likely today as the MACD and RSI remain bullish on the 1 and 4 hour timeframes.
This is why risk averse traders are very likely to wait for a retest of the $8,800 support area before they buy – while aggressive traders could consider buying a breakout above $9,200 and waiting for profits at $9,700 and $9,800.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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