Bitcoin Begins Recovery
Recently, Bitcoin has been trapped in a range between $9,800 and $10,500. After failing to break the resistance several times, BTC finally achieved a breakthrough four days ago on September 14.
Where to Next?
After achieving the breakthrough, BTC’s price has slowly crawled its way up to $11,000. Due to the slow increase of only 4% in two days, BTC has been unable to achieve another breakthrough at $11,000.
The price may pull back to the previous resistance level at $10,500 before retesting $11,000. If the market becomes bullish, the price may not even reach $10,500 before retesting the resistance. However, the chances of that occurring are low.
If the new support at $10,500 breaks, then we will probably see the price retrace to $9,800, or even further to $9,000.
Where to Next?
After achieving the breakthrough, BTC’s price has slowly crawled its way up to $11,000. Due to the slow increase of only 4% in two days, BTC has been unable to achieve another breakthrough at $11,000.
The price may pull back to the previous resistance level at $10,500 before retesting $11,000. If the market becomes bullish, the price may not even reach $10,500 before retesting the resistance. However, the chances of that occurring are low.
If the new support at $10,500 breaks, then we will probably see the price retrace to $9,800, or even further to $9,000.
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