Bitcoin has been bearish with the recent rejection off the $9,000 area which lead the price to reside at the edge of $8,500. However, the bullish bias is still quite strong and expected to continue pushing the price higher with target towards $10,000 in the coming days.
As per candlestick arrangements, Bitcoin is within a bullish breakout pattern, thanks to May 26th price spike that temporarily placed BTC at $9,000. Since yesterday's bar closure above $8,500 was confirmed, there is an opportunity to buy at spot rates with the target as aforementioned.
It's now abundantly clear that bitcoin and other cryptocurrencies are in a firm uptrend, posting consistent gains on a weekly basis. Every minor pullback acts as fuel for further gains. It now appears that BTC doesn't have any significant resistance until the coveted $10,000 region, which may signal that further gains are imminent. It is important to note that although Bitcoin is currently showing a significant amount of strength at its current price levels, it has not been able to break into the $9,000 region yet. It may signal that the cryptocurrency is going to require a significant influx of buying pressure for it to extend its upwards momentum.
As of the current scenario, bitcoin is expected to move higher quite impulsively, and it seems that the upward movement has started and the preceding bullish trend is in place. The price has recently formed the Bullish Divergence as well while it was forming a throwback towards $8,500. As per current price formation and bullish momentum building up, the price is expected to push higher towards $9,000 and later towards $10,000 area in the coming days.
SUPPORT: 8,000, 8,400, 8,500
RESISTANCE: 9,000, 9,300, 9,500, 10,000
BIAS: BULLISH
MOMENTUM: VOLATILE
