This Monday, the latest cryptocurrencies news show that all of the tokens in the top 10 are in the red and bleeding. Even though the losses are not that big, the BTC price rebounded and found that the $10,000 level is hard to breach through.
Compared to the price action of the previous two weeks, this weekend has been relatively relaxed for Bitcoin traders. On Saturday, we saw the price come as close as $9,990 before pulling back to $9,794 and then meeting the resistance at $9,900.
On the 6-hour timeframe, the volume profile visible range (VPVR) shows that the price rejected at the high volume node at $9,883 but at the same time, we can see that the purchasing volume is beginning to outpace the selling volume. The BTC price rebounded and despite its inability to hold above $9,900, it painted higher lows and the price is holding wel above the 20-MA now.
In other words, a high volume surge in the Bitcoin news now could easily push the price to the upper Bollinger band arm at $10,126 but Bitcoin would still have some challenges ahead. If the cryptocurrency can hold the $9,850 support and push above $9,883, we could see the price rising to $10,200 as it is currently sandwiched between VPVR nodes at $10,210 and $9,892, accordingly.
An earlier analysis by an analyst named Keith Waring explained that $10,000 is not that important level now when considering that a significant resistance at $10,300 awaits. The analyst also noted that even though the BTC price rebounds again, the current setup strengthens the probability of the price retaking the $10,000 mark. Moreover, the CME close at $9,740 on February 21 means traders believing in the CME gap narrative will hold their powder with the expectation of the price revisiting the gap.
Meanwhile, the crypto analyst Michael van de Poppe took a more bullish point of view and tweeted the above chart, stating:
“Retest done. As long as this level remains support, I’m expecting continuation towards $11,000 / $11,600.”
Retest done.
As long as this level remains support, I'm expecting continuation towards $11,000 / $11,600. https://t.co/tzlW7D72ay
— Crypto Michaël (@CryptoMichNL) February 23, 2020
While the BTC price rebounded this weekend, now it continues to push along the descending trend line at $9,989. A break above this trend line would put the price above the VPVR high volume node and closer to the 61.8% Fibonacci retracement. This would also strengthen the possibility of Bitcoin taking out the previous daily high at $10,250.
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