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BTC/USD chart - Trading View
Exchange - Coinbase
Technical Analysis: Bias Neutral
GMMA Indicator: Major Trend - Bullish; Minor Trend - Bullish
Overbought/ Oversold Index: Overbought
Volatility: High and Rising
Support: 9401 (5-DMA); Resistance: 9715 (Trendline)
Bitcoin is consolidating previous session's gains. The pair has retraced brief dip below 200H MA and is on track to extend gains. BTC/USD was trading 0.32% lower on the day at 9583 at around 03:45 GMT.
Technical indicators are biased higher. The pair has temporarily paused at trendline resistance at 9715. Breakout will fuel further upside. MACD is well in the positive territory and positive DMI dominance and rising ADX support uptrend.
Major and minor trend as evidenced by the GMMA indicator are bullish. On the weekly charts, the shorter term moving averages have shown a bullish crossover on the longer-term moving averages. Long-term bias has shifted bullish for the pair. Minor corrections could be used to accumulate as Bitcoin is showing strong signs of bullish run.
Volatility is rising as evidenced by widening Bollinger bands. The pair has shown a breakout of sloping channel pattern. Break above 200-DMA has added to the bullish bias.
Scope for test of 61.8% Fib retracement at $11026 in the near-term. Hurdles on the way align at 10,000 (psychological mark) and 50% Fib at 10149. 5-DMA is immediate support at 9401. Retrace below 200-DMA (8857) could see significant weakness.
