Bitcoin would need to move back through to $ 9,140 levels to support a run at the first at $ 9,253.4. But major resistance is the high of 26th Oct. at $ 10 350.
Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $ 9,142.
Since the high of 26th of June, Bitcoin BTC /USD is sinking and at the end of September the pair broke below symmetrical triangle (in red) on , as supply overcame demand. Since then, the price has been consolidating within a formation, particularly potent with the 200 as its bottom — which, after the preceding 40% surge over the two day period from Oct. 25 to 26 — suggested continued upside movement.
However if today’s fall extend, a clear break and close below the triangle’s downtrend line, the 200 , the pennant’s bottom and the preceding low on Nov. 8, will suggest a pattern failure for the . In that case next target for the bears will be $ 8 120.