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by Charalambos Pissouros

Will Bitcoin Keep Trending North?

BTC/USD has been in a sliding mode since yesterday, after it hit resistance near the 10180 zone. However, the price structure remains of higher peaks and higher troughs above the upside support line drawn from the low of January 3rd and thus, as long as this is the case, we will consider the near-term picture to be positive.

The bulls may decide to take charge again soon and shoot for another test near yesterday’s peak of 10180. If they are not willing to stop there this time around, a break higher may allow them to put the 10400 territory on their radars. That zone is fractionally below the highs of September 12th and 13th, and slightly above the peak of September 19th.

Looking at our short-term oscillators, we see that the RSI hit its 50 line and turned up again, but the MACD, although positive, lies below its trigger line and points somewhat lower. Both indicators detect some lag of upside speed, but there is some divergence between them. The RSI implies that the bulls may take charge from near current levels, but the MACD suggests that some further retreat may be on the cards before the next positive leg, perhaps for the crypto to challenge the 9550 zone as a support, or even the aforementioned upside line.

In order to start examining whether the bulls have run out of ammunition, we would like to see a decisive dip below the psychological zone of 9000. The price would already be below the upside support line and thus, the aforementioned dip may wake up some bears, who may choose to challenge the 8750 territory, marked by the inside swing peak of January 22nd. If they manage to overcome that hurdle as well, then we may experience larger downside extensions, perhaps towards the low of January 24th, at around 8180.

Bitcoin 4-hour chart technical analysis


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