- BTC/USD quick rebound above $10,000 suggests the capacity for higher consolidation.
- Short-term technical indicators suggest Bitcoin price growth in the coming sessions.
Following the worrying fall from $13,000 and progressive losses to the support at $9,900, Bitcoin made a surprise reversal above $10,000. This confirmed the capacity of the largest cryptocurrency to consolidate between $10,000 and $14,000 before the next parabolic rise. The current technical structure suggests that Bitcoin will remain within the wide range for several weeks.
BTC/USD Short-Term Analysis
Looking at the 15-mins timeframe chart, Bitcoin has continued to make a higher low pattern from the lows traded yesterday at $9,864. There was a breach of the resistance at $11,000, however, lack of buying power to sustain gains culminated in a drop below the 100 Simple Moving Average (SMA) 15-mins.
BTC/USD 15-mins chart
Meanwhile, the price has recovered from the intraday low at $10,520 to the current market value at $10,685. The upside is capped under $10,800 (seller congestion) while the immediate downside is supported by the 100 SMA 15-mins.
Short-term technical indicators in the same range suggest growth in the coming sessions, however, no rapid or sharp upside movements are expected. The Relative Strength Index (RSI) briefly stayed above 70 but is now horizontal at 42 signalings sideways trading. The Moving Average Divergence Convergence (MACD) attempt to jump into the positive region was rejected suggesting prevailing selling pressure. The slight divergence downwards suggests that sellers are gaining traction, although very gradually.
The immediate upside is limited by the resist ace at $10,750. Other key resistance targets are $10,800, $11,800 and the intraday high at $11,079. On the downside, the first support is the 100 SMA as mentioned, $10,400 is the next support while $10,000 and $9,800 will prevent curb the losses in the event of extended declines.
BTC Key Technical Levels
Key Support Areas: $100 SMA, $10,400, and $9,800.
Key Hurdles: $10,750, $10,800 and $11,079.
MACD: Slightly increasing divergence suggests rising selling pressure.
RSI: Rejection from the overbought shows a stronger bearish trend in the near-term.
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