Story by: Cole Petersen
After drifting lower over the past few days, Bitcoin’s bulls have been able to post a strong defense of the support that exists within the lower-$9,000 region, which subsequently catalyzed a major upwards movement that has led BTC back up to its key resistance.
This notable upswing, however, may not be enough to invalidate the bearishness that the crypto incurred over the past several days, as it has still been unable to post a sustained break of the resistance around $9,550.
If the cryptocurrency fails to extend this momentum and close above this key resistance level, this move could simply be a blip that is followed by further downside.
Bitcoin Races Towards Key Resistance as Bulls Defend Support
In the near-term, bulls do appear to be attempting to form a bullish continuation pattern called a “rising three methods,” and a strong daily close will confirm this possibility.
“Bitcoin daily – Though its early BTC is working on a variation of the bullish continuation pattern called ‘Rising three methods,’” Big Cheds, a popular crypto analyst on Twitter, explained in a recent tweet.
Here’s the Level Bulls Need to Propel BTC Past in Order for it to Reach $10,000
In order for today’s bullish move to completely negate the bearishness that came about as a result of its multi-day downtrend, it is critical that bulls propel it decisively past $9,550.
“BTC erasing the last 3 days of loss with one candle. The magic number is to still get above the $9550s, with a close above there, the price would likely continue upward as there isn’t a lot of resistance before $10k,” he explained.
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