Bitcoin price has been trying to break through the $9680 level but unable to sustain the highs above it has been falling down to the same level. In the past 24-hours, the king of cryptocurrency has reported less than quarter percent gains, i.e., 0.11 percent, as reported by Coin Market Cap.
On the other hand, the cryptocurrency has hit as high as $9774.95 at one point only to fall back down to the $9680 mark. Following the crash, BTC price tested the support for a higher gain once again but only to fall further down below the $9640 mark.
At the time of writing, BTC/USD pair is trading at a price of $9686 after hovering below the support mark for over an hour. While the key support zone lies at the $9500 mark.
Bitcoin price movement: Is a high coming?
Cryptocurrency trader and analyst on Trading View Willian Lockheart is of the view that the cryptocurrency has finished the A, B, C pattern and is now headed towards the much talked exponential growth.
Lockheart is of the view that the recent flash crash shredding about $1000 was a typical wave C, and the price has stopped exactly on 200ma on the 4h timeframe. Moreover, it also matches the biggest volume profile cluster of the last few weeks. A drop to this strong support has led to an immediate $500 move back up right after the drop. Building on this support level, Lockheart is keen that the Bitcoin price would be headed upwards in the coming week.
Moreover, analyst Moiseiev Yurii is of the view that the Bitcoin charts show a rising wedge pattern, which is evidence enough for a new high in the making.
Yurii finds the strongest resistance levels to be at the $9800 mark, the same level BTC price was unable to break in the past 24-hours. However, change is expected over the weekend and in the coming week. Cautious trading to ensure the best yields of investment is advised.
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Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.