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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