Bull Flag Breakout Brings Bitcoin Price to $9,200 — Altcoins Follow Suit

Bitcoin (BTC) worth has risen over the $9K mark for the second time in 24-hours. On Saturday the day bulls managed to push the value of the highest listed crypto-asset on CoinMarketCap to $9,010 however the worth shortly rejected on the prime of the bull pennant and pulled again to the $8,800 assist earlier than making a profitable second try at breaking out. 

Crypto market daily price chart

The breakout introduced the value to $9,200 and on the time of writing Bitcoin worth has pulled again to the $9,100 stage the place merchants try to determine assist. 

On the shorter timeframe merchants will word that the breakout occurred on a slight spike in quantity however buying quantity has now returned to the degrees seen earlier within the day. 

BTC USDT 4-hour chart

Just a few prospects may play out over the subsequent few hours: Bitcoin worth may consolidate between $9,200 and the bull pennant trendline which can be aligned with a excessive quantity node on the VPVR at $8,900.

Another extra bullish end result would entail Bitcoin worth pushing via the resistance at $9,200 to take advantage of a small hole on the VPVR from $9,176-$9,486. 

A brief-term bearish situation would happen is the value pulled under the 20-MA and $8,685 as the value may then drop to $8,400. 

At the time of writing, a bullish end result appear extra seemingly because the MACD and RSI stay bullish on the 1 and 4-hour timeframe. 

Risk averse merchants are more likely to watch for a retest of the $8,800 assist whereas extra aggressive merchants may think about shopping for a breakout above $9,200 and revenue taking at $9,400 and $9,700. 

Bitcoin daily price chart

A handful of altcoins additionally rallied increased as Bitcoin rallied above $9,000. Ether (ETH) gained 2.34%, Litecoin (LTC) added 3.24%, Ethereum Classic (ETC) moved up by a powerful 11.59%.

According to CoinMarketCap, the general cryptocurrency market cap now stands at $254.9 billion and Bitcoin’s dominance fee is 65.7%.

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