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Bitcoin managed to reinforce momentum. Now it is above $9,000 with a daily close. As the price has no Bearish indication or Divergence to follow, it is currently being held by the dynamic levels as support. BTC is heading towards the psychological level of $10,000.
Over the past 24 hours, BTC has regained its composure and hit an intraday high of $9,350. The 2 percent jump came in the Asian trade following a day or so of consolidation. There is still a large wall of resistance higher of $9,400-500, but this has not been an issue in the past. There has been very little movement for most crypto assets over the past few days. Markets did not even blip when the world's largest social media network thundered into the scene with its own offering. Facebook's digital currency may cope well as Facebook's reputation with data handling, security, and privacy has been made painfully clear over the past couple of years. If millions of people start to rely on it to pay their bills and manage their finances, they could come unstuck pretty rapidly.
Though Facebook's currency may lead to diversified investment and certain impact on Bitcoin gains, that would not be sufficient to slowdown the entire bullish rally. The price is currently trading above the strong Kumo cloud support, Kijun, and Tenkan line along with 20 EMA, which does indicate further upward pressure developing. As the price remains above $9,000 with such consistent momentum, it is expected to continue a steady rally and achieve $10,000 target in the coming days.
SUPPORT: 8,800, 9,000
RESISTANCE: 9,400-500, 10,000
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
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