- Summary:
- Bitcoin has been enjoying a steady uptrend. While the cryptocurrency has pulled back some of its gains, BTCUSD still looks bullish.
Bitcoin price has enjoyed a steady uptrend since trading past its critical resistance around $9,200.00. While the cryptocurrency has pulled back some of its gains, BTCUSD still looks bullish on the short-term time frame. Can the cryptocurrency make it to $10,000.00?
The hourly chart shows that bitcoin price has been trading in an ascending channel (when you connect the highs and lows from July 21). As of this writing, BTCUSD is trading inside its channel. It still has some room to trade lower and still maintain its uptrend. There is near-term support around $9,543.45 where the bottom of the channel aligns with the 61.8% Fib level when you draw the Fibonacci retracement tool from the low of July 23 to its intraday high. Reversal candlesticks around this price could mean that bitcoin price could soon trade higher to the top of the channel at $9,730.70. If resistance at this price does not hold, the next ceiling could be at $10,011.00 where it peaked on June 10.
On the other hand, a strong close below the bottom of the channel could invalidate the uptrend. It could mean that there are still sellers left in the market that could push BTCUSD to $9,280.80 where it bottomed on July 22.
Meanwhile, if support at the 50% Fib level holds, we may not even see a deeper pullback on bitcoin price. BTCUSD could just trade higher to the top of its channel.
Bitcoin Price, 1-Hour Chart
