This week Bitcoin price faces rejection above $10,300 as it crashed to $9,200 in no time, marking a regression of over 10%. The golden crossover that was anticipated to bring bullish divergence has started with a notable pullback. We do not consider this as an onset of the bear market because the technical indicators appear bullish.<\/p>\n
Analyzing the intraday movement of BTC\/USD on Coinbase, we see that that the coin has faced an unpredictable, volatile fall and test support around $9,200. The intraday positive correction taking place today has led the Bitcoin to trade around $9,500 and that is the reason the technicals appear bullish. With this, the price trend is slightly below 38.20% Fib Retracement level and awaits a push to have a persistent trade above $10,000, followed by $10,500 and beyond.<\/p>\n
Bitcoin has been performing well since the start of the year 2020 and the two events, i.e.,<\/p>\n
have been the major pushes to turn an anguished trade into gaining impressive positions. However, now there is no specific reason for a price correction as we believed a strong rally to happen, and therefore, we believe this to be a temporary pullback. Also, the altcoins have turned red and have reported notable dips over the past 24 hours.<\/p>\n<\/p>\n
The technicals appear bullish as the intraday corrections have lured the BTC whales, and the MACD line crosses above the signal line.<\/p>\n
While the RSI of the coin is at 47.68 and has risen above the selling pressure with no trading extremities at present.<\/p>\n
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