Bitcoin Price Analysis: Bullish Consolidation

The Bitcoin market bulls seem to have grown tired of the price rally and are having a temporary breather. 

The digital currency consolidated in Asia and Europe and is witnessing subdued trading activity at the time of writing. 

The ongoing price congestion in the range of $9,400 to $9,200 is preceded by a strong breakout above the 200DMA. 

Hence, the odds of the consolidation ending with a move sustained move above $9.400 are high. 

The next leg higher could be seen in the next few hours as the range play has allowed the 1H RSI to reposition itself in favor of the bulls.

D1 chart

The immediate resistance is seen at $9,586 (Nov. 4 high). 

A break higher could send Bitcoin toward $10,000 and $10,217 (261.8% Fib resistance).

On the downside, $9,188 (former hurdle) is key support. With broader trend bullish, this support should hold. However, if buyers fail to absorb selling pressure, a deeper drop toward $8,800 may be seen.