Bitcoin (BTC) price is moving towards resistance test at $ 9500

The Classes of Bitcoin (BTC) bounced off the $ 8,500 support and should head for a new test of the resistance at $ 9,500.

Key technical factors of the article:

• The bitcoin price rebounded from medium-term support at $ 8,500 and is heading towards a resistance test at $ 9,500, technical bearish threshold of February 25 and low part of the trading range of summer 2019
• The preservation of $ 8,500 is a good omen for the long-term uptrend, but the market has to get out of a graphic compression.

The Bitcoin (BTC) price had narrowly preserved the support at $ 8,500 during the last weekly and monthly closing, respectively on Sunday March 1 and Saturday February 29. This first week of March resulted in a rebound on the support, allowing to maintain the BTC in the upward cycle in place since December and the upside reversal of the $ 6,500.

In my technical post earlier this week, I described 4 key price levels for the start of 2020. While the support at $ 8,500 has produced its upward effect, the fact remains that the resistance interval between $ 9,500 and $ 10,300 remains very active.

The first graph of this article (see above) shows the Japanese candles in daily data, accompanied by the structural representation of the volume of trade, by price region, in the phase of increase between $ 6,500 and $ 10,300. Most of the exchanges took place (the volume peak to be more precise) around $ 8,500, so this confirms the current bullish momentum.

The latter concerns the Bitcoin (BTC) and major altcoins, and its main goal is to come back to test the resistance at $ 9500 (low part of the summer range of 2019 and Kijun-Sen daily in the ichimoku system). Exceeding the $ 9,500 conditions an acceleration to 10K, a scenario that has not yet been achieved.

Below, a second graphic reveals the Japanese candles in monthly data and in logarithmic scale, the only viable scale for the ordinate axis over this 10-year time horizon.

A graphic compression has been built and the direction of exit will be decisive and will occur this year. For my part, I defend an upward resolution of the configuration and the establishment of new records. But we will have the opportunity to come back to it by then. Next technical step, the $ 9,500 test.

Follow Vincent Ganne on Trading View for further analysis on the financial markets. The technical thresholds and the trend indicated above are based on the technical approach "price, momentum, sentiment, ichimoku". The data come from Bitstamp and the graphics of TradingView. You can consult the history of our technical points on cryptocurrencies in click here.

This content is offered for informational purposes only and does not constitute an investment recommendation. We remind you that theinvestment in crypto assets, including Bitcoin, is extremely risky. Cryptocurrency prices are prone to large and unpredictable price movements.