BTC suffered from a sharp downward movement, breaking through the $11k support level.
Prices saw a bounce around the $9.5k level as buyer were able to defend the uptrend line and managed a close above the $9.8k major support level.
Volume has been rising with this last movement but we are still far from previous levels.
This rebound is a bullish sign as it indicates the strong presence of buying volume.
Therefore we expect a retest of the $11k level in the near future.
The uptrend still remains in place. In order for this current movement to be considered as a reversal, we would need a breakthrough the $9k level which would open the path toward the $7.5k level.
As long as buyers are able to defend the $9.8k - $10k support zone, the uptrend shall continue and prices shall be expected to rise toward previous highs.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
Prices saw a bounce around the $9.5k level as buyer were able to defend the uptrend line and managed a close above the $9.8k major support level.
Volume has been rising with this last movement but we are still far from previous levels.
This rebound is a bullish sign as it indicates the strong presence of buying volume.
Therefore we expect a retest of the $11k level in the near future.
The uptrend still remains in place. In order for this current movement to be considered as a reversal, we would need a breakthrough the $9k level which would open the path toward the $7.5k level.
As long as buyers are able to defend the $9.8k - $10k support zone, the uptrend shall continue and prices shall be expected to rise toward previous highs.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .