Bitcoin Bulls ‘EYEING’ 10400 Re-Test! #cryptocurrencies

Tuesday’s ‘flash’ rally caught a whole world of momentum traders out after a sharp decline. Bitcoin Bulls are now ‘eyeing’ a re-test of Tuesday's 10400 high.

Trendline and Fibonacci’s golden 61.8% ratio, resistance at (1) is a hurdle that first needs to be breached. Short term sentiment amongst small speculators is bearish, which could play out well for the Bulls. Momentum on the other hand is waning, this could be due to profit-taking around these levels, but whichever way you look at it, we are at a critical zone.

Currently, we are still inside of the notorious bearish reversal rising wedge pattern, whilst holding below trendline resistance.

Resistance levels to watch for, (Daily/Weekly) come in at, first, 9982.58, followed by 9947.87, if we can clear both of these, the phycological 10000.00 level will be next. A break above the 10000.00 level should pave the way to 10140s and then 10400 in extension.

To the downside, the first significant support zone is at 9667/9723, 9550s is next with stronger support below at 9445/50. Tuesday’s low 9303.25, is the level the bulls really need to defend, below 9300 and we start flirting in bear territory.