View Bitcoin bounced up from $8,420 on Wednesday, forming a bullish higher low.
On the way higher, BTC may face selling pressure near the key Fibonacci retracement level of $9,442.
Bitcoin remains on the hunt for $9,000, having established a bullish pattern at key price support in the last 24 hours.
The drop to levels close to the May 16 high of $8,390 - also a former hurdle-turned-support - was short-lived and prices bounced back to $8,663 by UTC close, according to Bitstamp data.
Essentially, BTC established a bullish higher-low pattern in the key support zone yesterday, strengthening the bullish case put put forward by Sunday's pennant breakout.
Sudden price pullbacks are usually seen after such stellar rallies.
On the way higher, BTC may face resistance at $9,442 - the 38.2 percent Fibonacci retracement of the drop from the December 2017 high to December 2018 low.
Should the doji candle's high of $8,785 prove a tough nut to crack over the next few hours, a price pullback could be seen.
The case for a rise to $9,000 would weaken only if the newly established higher low at $8,420 is breached.
The daily trading volume bars continue to produce lower highs, contradicting the higher highs on price.
Bitcoin Remains on Hunt for $9K After Defense of Key Price Support
gepubliceerd op May 30, 2019
by Coindesk | gepubliceerd op Coinage
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