Bull Flag Breakout Brings Bitcoin Price to $9,200 — Altcoins Follow Suit

Bitcoin (BTC) value has risen over the $9K mark for the second time in 24-hours. On Saturday the day bulls managed to push the value of the highest listed crypto-asset on CoinMarketCap to $9,010 however the value shortly rejected on the high of the bull pennant and pulled again to the $eight,800 assist earlier than making a profitable second try at breaking out. 

Crypto market every day value chart. Supply: Coin360

The breakout introduced the value to $9,200 and on the time of writing Bitcoin value has pulled again to the $9,100 stage the place merchants are trying to set up assist. 

On the shorter timeframe merchants will notice that the breakout occurred on a slight spike in quantity however buying quantity has now returned to the degrees seen earlier within the day. 

BTC USDT 4-hour chart

BTC USDT Four-hour chart. Supply: TradingView

Just a few potentialities may play out over the following few hours: Bitcoin value may consolidate between $9,200 and the bull pennant trendline which can also be aligned with a excessive quantity node on the VPVR at $eight,900.

One other extra bullish consequence would entail Bitcoin value pushing by way of the resistance at $9,200 to exploit a small hole on the VPVR from $9,176-$9,486. 

A brief-term bearish state of affairs would happen is the value pulled under the 20-MA and $eight,685 as the value may then drop to $eight,400. 

On the time of writing, a bullish consequence appear extra doubtless because the MACD and RSI stay bullish on the 1 and Four-hour timeframe. 

Threat averse merchants are doubtless to await a retest of the $eight,800 assist whereas extra aggressive merchants may think about shopping for a breakout above $9,200 and revenue taking at $9,400 and $9,700. 

Bitcoin daily price chart

Bitcoin every day value chart. Supply: Coin360

A handful of altcoins additionally rallied increased as Bitcoin rallied above $9,000. Ether (ETH) gained 2.34%, Litecoin (LTC) added three.24%, Ethereum Traditional (ETC) moved up by a powerful 11.59%.

In accordance to CoinMarketCap, the general cryptocurrency market cap now stands at $254.9 billion and Bitcoin’s dominance charge is 65.7%.

Preserve observe of high crypto markets in actual time right here

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