Bitcoin Analysis (BTC/USD)
THURSDAY
5-SEP
Price rejected the support level around $9,400 and rallied, targeting the highs of the last two weeks.
LW high got broken y'day and seems like the bullish momentum will continue.
On the Daily, the support level around $9,400 held once again after price broke the AUG-15 swing low.
The drop below the low seemed very bearish but all the sellers were absorbed, which could mean that buyers are adding to their positions below $9,500.
Price rallied hard through the $10,100 S/R level and this could mean that higher prices will be targeted.
The next reasonable target seems to be the previous week's high just below $11,000, followed by the weekly resistance level around $11,500.
Great to have this analysis
Thank you!
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