Bitcoin surge halted by bitter $8,830 level of resistance

Bitcoin remains in a bullish posture despite a minor correction from the $8,830 level of resistance

The historic $8,830 level of resistance has caused a period of disruption for Bitcoin following a staggering 30% rally since the turn of the year.

As previously reported by Coin Rivet, the $8,830 level will be a stern test for BTC as price was rejected there on October 10 as well as numerous times in May before the eventual rally to $14,000.

Bitcoin will now either come back to test the $8,450 level of support or attempt another breakout above $8,830, which could spur a rally towards the psychological level of $10,000.

However, before $10,000 is tested, there is another level of resistance at $9,330, which became a level of support following the bearish reversal from June’s local high.

The daily relative strength index (RSI) remains in a bullish position moving into the second half of the week after making a clear higher high of around 70 during yesterday’s rally.

The stochastics also reiterate the bullish sentiment with clear upticks in the bullish control zone demonstrating that more upside price action is likely in the coming week.

Another bullish case for Bitcoin is that the 22 and 50 exponential moving averages (EMA) are moving at a rate of knots towards the 200 EMA, which would indicate a golden cross on the daily chart that will undoubtedly cause a significant rally to the upside.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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