By Bitcoin’s downside momentum stalled near key ascending trendline earlier today and the cryptocurrency is now showing signs of life.
4H chart
Zooming in on the 4H chart shows the selling pressure ebbed as prices closed in on the trendline rising from January 24 lows near $8,200.
At the time of writing, BTC is seen at $9,780 on Coinbase and the ascending trendline support is seen at $9,700.
If that trendline support is taken out, the next area of interest would be $9,620 and $9,574. A close under the latter could cause unwinding of longs, leading to a deeper extension of the price drop toward $9,000.
On the flip side, if the latest bounce from rising trendline ends up retaking the $10,000 handle, the bulls will get chance to aim back at resistance at $10,200, above which the next hurdle is lined up at $10,500.