The leading cryptocurrency Bitcoin and its trading pair [BTC/USD] is looking to create onto the earlier bounce this Sunday, as the bulls challenge the $10,800 USD price bench level once again. The foremost dominantly traded cryptocurrency found support just above 10,650 USD and was able to recapture the $10,700 USD benchmark at the closing on Saturday, keeping the buyers hopeful. At the reporting time, Bitcoin trades with modest gains around $10,656 USD, down nearly 0.67% for today. The market capitalization of the leading cryptocurrency increased to $197.16 Bln.
Having charted a falling wedge breakout on the 4-hour (4H) sticks earlier on Saturday, the BTC bulls entered a phase of upside consolidation, now extending into Sunday’s trading thus far.
However, the price remains trapped between key Simple Moving Averages [SMA], with the upside attempts capped by the upward-sloping 200-SMA at $10,820 USD while a dense cluster of support levels continues to protect the downside.
That support zone is the confluence of the 50 and 100-SMAs between $10,670/50 zones. An opportunity below which subsequent cushion at $10,625 [bullish 21-SMA & pattern resistance now support] might be put to test.
A sharp sell-off towards the 10,500 level might be within the offing should the $10,625 USD support subside.
Alternatively, a sustained break above the 200-SMA barrier could open doors towards a test of the 11K threshold. Moreover, towards, the September 19 high of $11,180 USD is going to be on the buyers’ radars.
The RSI [Relative Strength Index] has turned south while ranging within the bullish region, suggesting that the bulls are likely to face a tough time holding onto the upside for now.