Bitcoin Reversal Still A PossibilityThough BTC price has been on the decline lately, it’s still possible that it bounces back in immediate future. A break above $10,000 is likely to occur should the momentum for the past two hours hold up. A bullish trend line is forming, along with a visible head-and-shoulders pattern. A BTC price support is being held around $9,880.
Source: TradingviewA strong bullish signal can be seen in the MACD line crossover. Investors will need to monitor this bull trend later today. Moving past $10,000 would mean a stronger price recovery is set in motion for next week.
Looking at the Technical Indicators:
- Hourly MACD — BTC is in a bullish zone as the MACD and signal lines are forming a crossover
- Major Support Level — $9,880
- Major Resistance Level — $10,000