After a period of stiff, if muted defense of Bitcoin (BTC) at $9,400, the leading crypto has bounced back to test $10,000 from below. The obvious question is now, will it be rejected here and sent back down?

We start with the daily chart, and we can see that today’s buy volume should – with ten hours to go at time of writing – outpace yesterday’s with some ease. We can also note that price is now trending above the important 55-day exponential moving average (EMA), a widely used indicator.

Watch the 55 EMA(source: TradingView.com)

If its price would manage to close the day above this level, it would suggest the possibility of longevity back above the key psychological price level.

Looking just at the daily indicators, we see that the RSI level is coming back to what has served as the main support/resistance level on the daily chart. This area has marked Bitcoin’s 2019 bull run, only falling below it during July for the first time this year.

RSI resistance is an important goal(source: TradingView.com)

It looks pretty likely that BTC will retest this level, given how hard the histogram is ticking up at the time of writing. The MACD is contracting sharply – but it seems too early to imagine a convincing golden cross on this timeframe.

Getting granular on the 4-hour, we see a breakout in both price and volume during this session, just at the previous uptrend support which is now serving as resistance. Impressively, the 55 EMA here has been blown-through.

200 EMA, not on the first try(source: TradingView.com)

The eventual target for Bitcoin, in the longer-term, will be retaking the 200 EMA on the 4-hour chart. It seems possible to retest this level on the present push – staying above it, though, is another matter.

Moving back to the 3-day, we see a healthy picture so far on the candle, which has two days left to close. The 9 EMA held the previous candle’s topside, so it will be interesting to see if this level is respected again – and not good if it is.

9 EMA may cause trouble(source: TradingView.com)

Volume is definitely on track to outpace the previous candle’s more than halfway to matching it after only one day. If this candle could close in this aspect – a bullish engulfing candle – and with greater volume, we might have something to work with for a longer-term reversal.

As it stands, this push to $10,000 is nice, but we cannot yet say that it has legs. Some volume has come in but nothing astounding. A couple more days, at least, will be needed to determine if this may end the corrective period which has followed the very bullish H1 2019 season.

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