Bull Flag Breakout Brings Bitcoin Value to $9,200 — Altcoins Comply with Go well with

Bitcoin (BTC) worth has risen over the $9K mark for the second time in 24-hours. On Saturday the day bulls managed to push the worth of the highest listed crypto-asset on CoinMarketCap to $9,010 however the worth shortly rejected on the prime of the bull pennant and pulled again to the $8,800 help earlier than making a profitable second try at breaking out.

Crypto market daily price chart

Crypto market every day worth chart. Supply: Coin360

The breakout introduced the worth to $9,200 and on the time of writing Bitcoin worth has pulled again to the $9,100 degree the place merchants are trying to ascertain help.

On the shorter timeframe merchants will observe that the breakout occurred on a slight spike in quantity however buying quantity has now returned to the degrees seen earlier within the day.

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Supply: TradingView

Just a few potentialities might play out over the subsequent few hours: Bitcoin worth might consolidate between $9,200 and the bull pennant trendline which can be aligned with a excessive quantity node on the VPVR at $8,900.

One other extra bullish final result would entail Bitcoin worth pushing via the resistance at $9,200 to use a small hole on the VPVR from $9,176-$9,486.

A brief-term bearish state of affairs would happen is the worth pulled beneath the 20-MA and $8,685 as the worth might then drop to $8,400.

On the time of writing, a bullish final result appear extra doubtless because the MACD and RSI stay bullish on the 1 and 4-hour timeframe.

Danger averse merchants are prone to look ahead to a retest of the $8,800 help whereas extra aggressive merchants might think about shopping for a breakout above $9,200 and revenue taking at $9,400 and $9,700.

Bitcoin daily price chart

Bitcoin every day worth chart. Supply: Coin360

A handful of altcoins additionally rallied greater as Bitcoin rallied above $9,000. Ether (ETH) gained 2.34%, Litecoin (LTC) added 3.24%, Ethereum Traditional (ETC) moved up by a formidable 11.59%.

In accordance with CoinMarketCap, the general cryptocurrency market cap now…

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