Bitcoin (BTC) has been trading above $9,600 for the past two days, which is a bullish sign. There is a psychological resistance at $10,000 but i expect it to be crossed. The next target to watch on the upside is $10,360.
I anticipate the bears to mount a stiff resistance at $10,360. Therefore, short-term traders can watch this level closely and book partial profit if the bulls struggle to scale the price above it.
However, if the bulls can push the price above $10,360, the BTC/USD pair is likely to move up to the long-term downtrend line at $11,500. Both moving averages are sloping up and the RSI is close to the overbought territory, which suggests that bulls are in command. The traders can trail the stops on the long positions to $8,900.
My personal bullish view will be invalidated if the pair breaks the series of higher highs and higher lows it has been making since bottoming out in December of last year. The first sign of weakness will be a break below the recent low of $9,095.
I anticipate the bears to mount a stiff resistance at $10,360. Therefore, short-term traders can watch this level closely and book partial profit if the bulls struggle to scale the price above it.
However, if the bulls can push the price above $10,360, the BTC/USD pair is likely to move up to the long-term downtrend line at $11,500. Both moving averages are sloping up and the RSI is close to the overbought territory, which suggests that bulls are in command. The traders can trail the stops on the long positions to $8,900.
My personal bullish view will be invalidated if the pair breaks the series of higher highs and higher lows it has been making since bottoming out in December of last year. The first sign of weakness will be a break below the recent low of $9,095.