ANALYSIS:Bitcoin market update: BTC/USD pushing towards $10,400 after testing $9,800
- Bitcoin has extended the gains above the resistance at $10,200 and the SMA 50 15-mins.
- With improving technical levels, Bitcoin is likely to break above the short-term resistance at $10,400.
Bitcoin is in the middle of recovery after sliding under $10,000. Unlike other weekend sessions where Bitcoin has corrected upwards recently, the last weekend saw the price break below various key support levels starting with a drop below $11,000. Other support levels that did little to prevent the losses include $10,750, $10,500 and $10,000.
Interestingly, the price did not stay down for too long as an immediate recovery shot above $10,000. Bitcoin has extended the gains above the resistance at $10,200 as well as the 50 Simple Moving Average (SMA) 15-mins. An intraday high has been formed at $10,360 giving way for a correction to the current market value at $10,281.
Various indicators suggest continuing upward movement in the coming sessions. The Moving Average Convergence Divergence (MACD) almost jumping into the positive zone. A move that will further strengthen the uptrend.
The Relative Strength Index (RSI) holding a higher position compared to 19.35 at the opening of the session today. With improving technical levels, Bitcoin is likely to break above the short-term resistance at $10,400. Trading above the supply zone at $10,600 could open the road for correction above $11,000.