Bitcoin Is Facing Stiff Resistance On Road to $10K

As suggested by the convincing move above the long-term descending trendline and bullish daily relative strength index, the bulls look to be firmly in control.

On the way to $10,000, stiff resistance lies in wait around $9,280 and $9,800, as seen on the chart below.

Currently, BTC is trading very close to the resistance at $9,278.

A notch higher, the 200-day moving average hurdle is lined up $9,808, while the March 12 high and Jan 23 low of $9,900 may also prove to be obstacles to the bulls.

A bullish continuation pattern can be seen on the 4-hour chart below, indicating scope for a rally to $10,250.

The bull pennant breakout indicates a resumption of the rally from the April 17 low of $7,823 and has opened the doors for $10,250.

BTC will likely cross the resistance around $9,280 in a convincing manner and test the 200-day moving average of $9,808 in the short-run.

Acceptance above the long-term moving average would further strengthen the bull grip.

Rejection at $9,280, despite the bull pennant breakout, followed by a drop below 8,930 could yield a pullback to $8,550.

Overall, the outlook remains bullish as long as BTC trades above the long-term descending trendline.