BTC has been hovering around $9,000 for a whole day, judgng by the volumes, however, BTC is believed to effectively break $9,000 and test $9,500.
Even if price manages to unlock the area above $9,500, BTC is more likely to correct lower after rally.
Short-term trend seems clear as BTC is believed to oscillate between $8,700 and $9,100 in the coming days with support at $8,700.
When correction is completed, price holds greater chances to keep moving up as strength from bears is weakening. Window for daily traders will be opened every time price corrects lower.
Original by Kuang Ren, translated by AICoin Jami.
Full version:
https://www.aicoin.net.cn/article/18038.htmlBears are indeed weakening and it's much more likely we see a movement upwards once the $9500 resistance is broken. General trend has been bullish for sure, though.
For now, we're going to correct down to around $8500-8700 before rebounding up and testing that resistance. $9000-9500 has been the major resistance for each of the times that we had this kind of recovery, and it always came before bitcoin breaking $10k.
Once $9500 is broken we should see the rally push bitcoin over $10k, which is the psychological barrier for the traders.
I personally expect to see a 5 figure bitcoin by the end of the month, and that is quite conservative.