So as expected, we’ve seen Bitcoin breached out above the $9,000 resistance mark. A quick wave to $9,800 resistance, passing over the $9,400 resistance. Corrections are part of the game, and so far the correction to where we are at now – resistance turned support at $9,400 is healthy.
The last wave up was followed by decent amount of trading volume (the green candles marked by yellow circle) – which is a bullish sign, money enters the markets. Altcoins are also gaining over the past two days – which strengthen this.
From here, correction stays healthy and might support by the uptrend line (marked in light blue) at around $9,200, or next support on %38.2 Fibonacci retracement level. RSI is at its low levels – market is oversold, might also indicate that the correction is getting close to its floor. From the bullish side – next target is at $9,800 – $10,000 strong resistance level.
BTC/USD BitFinex 4 Hours chart
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