Bitcoin Above $10,200 Make Case For Larger Rally In Steep Short-Term Reversal

Bitcoin started a sharp increase above $9,800 and $10,000 against the US Dollar. BTC is currently consolidating and it could soon rally above $10,200 for the next bullish wave.

  1. Bitcoin price is showing positive signs above the $10,000 pivot level against the US Dollar.

  2. A new intraday high is formed near $10,279 and the price is currently correcting lower.

  3. There is a key bearish trend line forming with resistance near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  4. Ethereum jumped more than 5% and surged above the $275 resistance area.

Bitcoin Could Rally Towards $10,500 and $11,000

Yesterday, we saw a new weekly low in bitcoin price at $9,483 against the US Dollar. Later, BTC price started a decent upward move above the $9,700 and $9,800 resistance levels.

The bulls gained pace above a connecting bearish trend line, $10,000, and the 100 hourly simple moving average. As a result, the price traded towards the $10,300 level and a new intraday high is formed near $10,279. Read More...