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Bitcoin has been quite volatile recently. It has been residing at the edge of $10,500 for a few hours. It is expected to continue to push higher as the price remains above $10,000 area with a daily close.
Despite Bitcoin's throwbacks below $10,000 area, it is expected to inch up. Daily volume has tailed off quite a bit over the weekend, however, and is now down to $16 billion as markets remain range bound.
As per recent observation, the longer Bitcoin consolidates the bigger the next move usually is. One of the biggest obstacle Bitcoin is facing right now is the regulatory pressures from governments and regulatory bodies which is affecting the consistent growth of the value like 2017. Recently Indian Government officially banned Bitcoin despite having many government facilities running under Blockchain technologies.
The price is currently residing at the edge of $10,500 area while being held by the dynamic levels like 20 EMA, Tenkan and Kijun line as resistance. The price also breached below the Kumo Cloud support area. MACD has no strong histogram emotion and MACD crossovers indicate divergence. As the price manages to push higher above $10700 area, it is expected to continue the upward trend pressure. If it breaks below $10,500, it will lead to further correction and probable rebound off the $10,000 area.
TECHNICAL LEVELS:
SUPPORT: 9500, 9800, 10000
RESISTANCE: 10500, 11000, 11500, 12000
BIAS: Bullish
MOMENTUM: Volatile
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