By Bitcoin’s downward move from $10,200 has stalled around $9,750, but the bulls are not willing to step in. At the time of writing, the cryptocurrency is priced at $9,840 on Coinbase.
4H chart
Looking at the 4H chart, we see the previous candle closed well inside the trading range of the preceding 4H candle. This type of price action represents seller fatigue and is often followed by a turn higher.
Prices could rise to $10,000 over the next few hours, although the risk of deeper correction would remain high, as long as prices are held below $10,200.
If the bulls manage to secure a foothold above that level, a quick move to $10,500 could be seen.
On the downside, the focus is on $9,619 (support of February 3 high), which if breached, could accentuate selling pressure, bringing over a deeper drop to $9,400-$9,500 range.