In recent days, the value of bitcoin has shown high volatility. BTC quotes are again “locked” between support of $ 9,500 and resistance in the form of a cluster of $ 9,900– $ 10,000. At the moment, the bulls tested an important level of $ 10,500, so far they have not managed to break through and gain a foothold above. In this connection, the bears were able to seize the initiative, as a result of which the BTC quotes fell to the support level of $ 9150, above which the line of the 200-day simple moving average (SMA) is located. Leaving below this mark will be a signal to continue moving down to the levels of $ 8760 (38.2% correction on the Fibonacci line), $ 8330 and $ 8050. Saving momentum will allow Bitcoin to rush to the boundaries of the consolidation of $ 7300− $ 7500.

However, in the long term, we can expect to overcome the key level of $ 10,500, which will help the first cryptocurrency go to the consolidation borders of $ 10,900- $ 11,000 (50% correction along the Fibonacci proportions), and then to $ 11,200 and $ 11,800

On the daily chart, from the point of view of technical analysis, bitcoin looks like an asset that builds strength before a powerful jerk. So, now the movement of BTC quotes continues within the framework of the Bearish Flag technical analysis model (on the chart below its edges are indicated by light green color), which is included in the more powerful Triangle figure (its edges are marked in orange). Correction is possible from the upper boundary of the "Triangle" if Bitcoin drops below the $ 9300 mark - to $ 8,200. A line of the 200-day moving average, as well as the lower boundary of the "Triangle", passes in the area of ​​this goal.

But in the long run, the scenario for the development of a movement above $ 10,000 is more likely to look. In the next few months, this will allow Bitcoin to rise to $ 10,500, and after overcoming it - to goals of $ 11,000, $ 11,200 - $ 11,300 and $ 11,800.