Bitcoin Price Analysis: Rally Takes a Pause

After Wednesday’s rise to multi-month high of $10,522, bitcoin is taking a pause. At the time of writing, the digital currency is priced at $10,280 on Coinbase.

Technically if prices end the day near present levels, the daily chart would end with an inside bar candlestick. This pattern is emerging because so far prices have traded well within Thursday’s trading range. 

D1 chart

If its confirmed, then traders may need to use Thursday’s high and low of $10,522 and $10,083, respectively, as reference for future breakouts. 

If prices trade through $10,522, the resulting bullish breakout would signal a continuation of the recent rally and would expose the next big resistance stationed at $10,939, the high price reached on September 6 and the psychological barrier of $11,000. 

Alternatively, a breakdown of $10,083 would bring deeper support levels at $9,706, the Feb. 11 low, and $9,500 on radar. 

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