Bitcoin Price Analysis: Upside Scenario Favored

Bitcoin could break higher from the two-day trading range of $8,750-$8,465.

D1 chart

Prices put in a long-tailed candlestick pattern above support of the rising 10EMA on Tuesday, hinting a move higher is ahead.

4H chart

MACD’s rising lows on the 4H chart indicate ebbing bearish momentum and bolster the case for an upside scenario.

A move above $8,750 looks likely and would bring the 200DMA at $9,030 under spotlight.

As seen on the D1 chart, the 161.8% Fib extension level is located at $8,892. A convincing daily close higher would imply continuation of the rally from December lows and expose resistance at $9,500.

A range breakdown on 4H will likely bring additional losses toward $9,200-$9,000.