RATE Group | Bitcoin Rally Above $9K Stalls as Sellers Push BTC Back to Key Support
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Bitcoin Rally Above $9K Stalls as Sellers Push BTC Back to Key Support

02 May Bitcoin Rally Above $9K Stalls as Sellers Push BTC Back to Key Support

Posted at 21:43h in Bitcoin News by

Bitcoin (BTC) price briefly broke above $9,000 as bulls appear to be in the process of trying to quietly move the price above the resistance level.

Since Friday trading volume for the top-ranked cryptocurrency on CoinMarketCap had been virtually non-existent as the price traded sideways between $8,750-$8,850 for the majority of the day but the weekend is bound to bring about a stronger directional move.

Crypto market daily price chart. Source: Coin360

Crypto market daily price chart. Source: Coin360

Will the TD9 ring true again?

As reported by Cointelegraph, the presence of a TD9 on the daily time frame, overbought technical indicators, and decreasing trading volume suggested that Bitcoin price had become overextended and traders believed that the loss of momentum would culminate as a retest of underlying support levels.

Although the TD Sequential has proven to be a fairly reliable indicator of trend changes in Bitcoin price action, the digital asset is known for its tendency to push higher even when indicators like the Stoch RSI and…

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