Home » Bull Flag Breakout Brings Bitcoin Price to $9,200 — Altcoins Follow Suit
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Bull Flag Breakout Brings Bitcoin Price to $9,200 — Altcoins Follow Suit

Bitcoin (BTC) worth has risen over the $9K mark for the second time in 24-hours. On Saturday the day bulls managed to push the worth of the highest listed crypto-asset on CoinMarketCap to $9,010 however the worth rapidly rejected on the prime of the bull pennant and pulled again to the $8,800 help earlier than making a profitable second try at breaking out. 

Crypto market every day worth chart. Supply: Coin360

The breakout introduced the worth to $9,200 and on the time of writing Bitcoin worth has pulled again to the $9,100 stage the place merchants are trying to determine help. 

On the shorter timeframe merchants will observe that the breakout occurred on a slight spike in quantity however buying quantity has now returned to the degrees seen earlier within the day. 

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Supply: TradingView

A number of potentialities might play out over the following few hours: Bitcoin worth might consolidate between $9,200 and the bull pennant trendline which can be aligned with a excessive quantity node on the VPVR at $8,900.

One other extra bullish end result would entail Bitcoin worth pushing via the resistance at $9,200 to use a small hole on the VPVR from $9,176-$9,486. 

A brief-term bearish situation would happen is the worth pulled under the 20-MA and $8,685 as the worth might then drop to $8,400. 

On the time of writing, a bullish end result appear extra seemingly because the MACD and RSI stay bullish on the 1 and 4-hour timeframe. 

Danger averse merchants are prone to await a retest of the $8,800 help whereas extra aggressive merchants might contemplate shopping for a breakout above $9,200 and revenue taking at $9,400 and $9,700. 

Bitcoin daily price chart

Bitcoin every day worth chart. Supply: Coin360

A handful of altcoins additionally rallied increased as Bitcoin rallied above $9,000. Ether (ETH) gained 2.34%, Litecoin (LTC) added 3.24%, Ethereum Basic (ETC) moved up by a formidable 11.59%.

In response to CoinMarketCap, the general cryptocurrency market cap now stands at $254.9 billion and Bitcoin’s dominance fee is 65.7%.

Hold monitor of prime crypto markets in actual time right here

Credit score: Source link

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