After a major rejection of the important $ 10,000 level last week, Bitcoin (BTC) made a big fall

The very strong resistance of $ 9,600 perhaps seemed to stand in the way of a new rise. But nothing is less true and the price is strong and stable above $ 9600 which now serves as support.

A new test of $ 10,500 seems to come close. The level that in the past seemed to be impervious several times. And put an end to a bull trend. Despite this, bulls seem to be ready for a new pump again. Perhaps to finally move steadily towards $ 11,000.

Bitcoin (BTC) day chart

The charts provide considerably different data at different levels. A strong positive signal seems to be issued in the longer term, but a negative signal in the short term.

Taking this into account, we can agree that a longer term is more reliable and important. Looking at the Bitcoin daily chart, we see a strong rejection and strong recovery. Bears were unable to push the price further down. The monthly Fibonacci pivot on R38 currently offers strong support. That level is also $ 9600, as an important point.

Consolidation or correction?

Lowering to $ 9,600 has ensured that momentum indicators have been reset and bulls have been able to recharge. There is again enough room for an increase.

A decrease seems unlikely and bearish volume has decreased considerably. In the longer term, a new test of $ 10,500 is likely. With perhaps a breakthrough towards $ 11,000.

If we zoom in a bit further and grab the Bitcoin hourly chart, we see that the price made a big push up yesterday morning. This ensures that momentum indicators have risen sharply towards overbought regions. A sign that consolidation or a retrace is lurking in the short term.

New test of $ 9,600?

A new test of $ 9600 before the price will really break up may make sense. The level is strong enough to handle a retrace. Which gives bulls more power and opportunity for the long-awaited break-up.

So we can see the past fall as bullish. With the aim of testing support levels and generating momentum for a new rise. A drop below $ 9,600 seems unlikely and has enough support to possibly $ 9,000.

An increase will result in a $ 10,500 test and perhaps a breakthrough to $ 11,000. An interesting week is lurking for the price of Bitcoin!