Having recovered from a five-day low hit yesterday, bitcoin (BTC) has potential for a move higher towards major resistance at $9,880, the technical charts indicate.
The cryptocurrency moved back above $9,000 in the Asian hours after the pullback from the recent high of $9,767 ran out of steam around the ascending (bullish) 4-hour 50-candle moving average (MA).
As of writing, BTC is trading at $9,251 on Bitfinex, representing marginal losses over the previous day's close (as per UTC) of $9,270.
A bearish follow-through to Wednesday's bearish outside-dayreversal would have been bad news for the bulls, but BTC instead appreciated by 4.5 percent on Thursday, keeping them in the game. Had BTC closed yesterday below $8,765 (Wednesday's low), the bears would have had the upper hand for the short-term.
More information: www.coindesk.com