Bitcoin failed to sustain bullish momentum above the $9,400 resistance level last week, causing the pioneer cryptocurrency to drop back towards the $9,100 level.

Bitcoin price chart analysis shows that buyers still need to anchor price above the $9,400 level to encourage further gains towards the $9,800 level.

Bitcoin medium-term price trend

Bitcoin buyers need to anchor price above the $9,400 resistance level this week to avoid sellers forcing the cryptocurrency back towards the June monthly low.

Bitcoin price technical analysis shows that the BTC/USD pair’s 50-day moving average remains the key for further upside advancement.

Traders typically use the 50-day moving average as a key gauge of medium-term strength. Gains above the $9,400 level could provoke a technical test of either the $10,000 or $10,400 levels.

Failure to anchor price above the $9,400 level could see the BTC/USD pair slipping towards medium-term support around the $8,800 level.

Bitcoin short-term price trend

Bitcoin price technical analysis shows that short-term bulls remain in control while the price trades above the $9,200 level.

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The one-hour time frame shows that a bullish inverted head and shoulders pattern remains valid while price trades above the $8,900 level.

Bitcoin price technical analysis

According to the size of the reversal pattern the BTC/USD pair could rally towards the $10,000 resistance level.

Traders should note that the neckline of the bullish reversal pattern is located around the $9,400 resistance level.

Overall, watch out for the next 500 point directional move once the $8,900 to $9,400 price range is broken.

Bitcoin technical summary

Bitcoin technical analysis indicates that a break from the $8,900 to $9,400 price range could cause a 500 point directional move.

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(Excerpt) Read more Here | 2020-07-13 07:26:04
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