Bitcoin Bulls Holding the Momentum Above $9000 – Will Recover Higher?


Bitcoin has become volatile and currently residing insides the ranges of $10,000 to $9000 area. Bitcoin bulls holding the momentum above $9000 support area. Will BTC recover higher? What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.

9 July 2020 | AtoZ Markets – Bitcoin is climbing resolutely and lately broke above $9400 area against the U.S. Dollar. BTC’s daily chart indicates that the bulls are probably marking a huge rally towards $10,000 psychological event area.

Bitcoin is currently residing near $9400 area and facing resistance around $9500. Moreover, after rejecting $9000 support several times, BTC managed to have a daily bullish close above it. As per the current scenario, Bitcoin may face strong resistance around $9500 area in the coming days.

Bitcoin Bulls Holding as Investors Are Optimistic

BTC is currently residing near $9400 area and trying to retrace down. Furthermore, the price is also broke above the dynamic level of 20 EMA on the daily chart.

Bitcoin Bulls Holding

Image: Bitcoin 4 Hour Chart

According to the 4-hour chart, Bitcoin is currently residing near $9400 area after rejecting $9500 resistance. As per the current price action, BTC may retrace towards the dynamic level before bulls continue further in the process.

So, if the price can bounce from the dynamic level and broke above $9500 area with an impulsive bullish candle, the bulls may recover higher towards $10,000 area in the coming days. Alternatively, if the price rejects $9500 area again and had a bearish 4-hour close, the bears may regain momentum and decline towards $9000 area again.

In addition, the dynamic level of 20 EMA is currently residing below from the price. Along with the Bollinger Bands middle band. The dynamic level may work as strong support to push the price upside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level.

BTC Bullish Trend May Reach February’s High

According to the daily chart, Bitcoin bulls holding the momentum and currently residing near $9400 area. As per the current price action, the bulls may recover higher towards $10,000 area in the coming days.

Bitcoin Bulls Hold - AtoZ Markets

Image: Bitcoin Daily Chart

So, if the price reaches $10,000 area and breaks above it, the bulls may sustain the bullish trend towards $10,500 area in the coming days. In contrary, if the price rejects $10,000 area with a strong bearish candle close, the bears may regain momentum and push the price down towards $9000 support level in the days ahead.

Along with that, the dynamic level of 20 EMA is currently residing below the price, along with the Tenkan line. The dynamic level may act as a strong support to push the price upward. The Tenkan line may work as a confluence of the dynamic level. Also, the Kumo cloud is currently residing below the price, which may hold the price as support.

To conclude, Still, Bitcoin bulls holding the momentum above $9000 area, which indicates that they are optimistic about recovering further. A daily close is required to find the definite momentum in the coming days. 

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