Crypto Technicals: BTC/USD trades rangebound on the day, technical bias bullish

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

GMMA Indicator: Major Trend - Bullish; Minor Trend - Bullish

Overbought/ Oversold Index: Overbought

Volatility: High and Rising

Support: 9518 (5-DMA); Resistance: 10000 (Psychological mark)

BTC/USD was trading rangebound on the day at 9775 at around 07:55 GMT, bias remains bullish.

The pair closed 1.55% higher in the previous session and is extending gains for the 3rd straight session.

Price action has retraced brief dip below 200H MA and is on track to extend gains. Volatility is rising as evidenced by widening Bollinger bands.

Sloping channel breakout supports upside. Scope for test of 61.8% Fib retracement at $11026.

Overbought oscillators could cause minor corrections. Major trend reversal only below 8000 mark.

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