Bitcoin seems ready to make one last move towards 9.7k. At the moment, it is struggling to break past the key S/R level of $9,315. Soon as we have an effective breakout, I expect BTCUSD to rise to the top of the symmetrical triangle and to eventually break out of it to test $9.4 k which would then pave the way for Bitcoin testing the larger trend line resistance for the third time around 9.7k.
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Could it break up? Yes. But barring chart signals, there is little volume in this market. According to a friend who works for an Asian exchange, this is all a facade created by Chinese miners that are scared to death of another dump. Volume is being faked daily as liquidity is being removed. The miners don't want to have to short the market to make a profit. Not just yet. So miners and the hardware vendors have made a 3 month agreement to keep it going sideways between 9400-9800. They already spent too much trying to rally it up from $3800. Otherwise they're losing money.
Jefe
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@DoctorJohnSmith, I agree with everything you said, John. This is the last bullish move before all hell breaks loose.
Phi-Deltalytics
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We agree. We think BTC will remain bullish in the short run to at least the 10k level. Despite global market conditions. Check out our take on how COVID impacted and will impact BTC.