Off Three-Month Highs
BTC: Price: $9,300 | Market cap: $169 billion | 24-Hr Volume: $33 billion
Trend: Bullish Bitcoin defended the former resistance-turned-support at $9,188 on Thursday with a bullish engulfing candle, solidifying the preceding day’s breakout above that level and signaling a continuation of the rally from $8,213 (Jan. 24 low).
So far on Friday, though, the follow-through has been dismal. The cryptocurrency has backed off from three-month highs near $9,570 reached Thursday.
For now, the pullback looks to have stalled near $9,250. The former resistance-turned-support at $9,188 is still intact and the cryptocurrency could have another go at $9,600. A move through that level would expose $10,000.
If prices find acceptance under $9,188, the immediate bull case would be invalidated and sellers may push the cryptocurrency down its 200-day average at $8,883.
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