BTC/USD technical analysis: Looking for more momentum on the breakout

October 10, 2019 Off By admin-445
  • After price broke out yesterday the momentum seems to have stalled.
  • 8,550 seems to be the new support and traders are looking to see if it will hold.

 

Bitcoin broke out of a major consolidation zone yesterday but the bulls have gone missing. 

The news that the SEC rejected the Bitwise ETF may have soured the mood. 

Now the price is still above the value area represented on the right-hand side of the chart. This is still a bullish signal and a retest may occur before a move higher.

The relative strength index (RSI) indicator is still looking positive also but it has not reached the oversold area so there still may be some room for a further upside move.

The candlesticks on the four-hour chart have rejected the downside but there seems to be some conviction missing from the bulls.

The next resistance target on the way up is at 9,321.73 and on the downside lookout for 8,535.00 for support.

Bitcoin Analysis

 

Source: www.forexcrunch.com