Bitcoin (BTC) toll fabricated a small correction yesterday as it dropped from $10,100 towards $9,800. However, today'south bullish momentum returned and the cost bounced back above $ten,000 to make a new 2022 loftier at $ten,370.

So is the continuation of bullish momentum probable? Let'due south wait at the charts to see what could occur next.

Crypto market place daily operation. Source: Coin360

Bitcoin finds support at $nine,800 and continues upward

BTC USDT 12-hr chart. Source: TradingView

Many Bitcoin traders were waiting for the price to drop to the support at $9,500 but this was not to be. Instead of dropping further, the price stabilized at the $9,750 level and continued its upward momentum.

Does this mean that continuation is likely? The current price action still looks slightly and Bitcoin didn't break in a higher place the next massive resistance.

Nevertheless, it's a bully sign that the $nine,500 level was cleared as that was a significant resistance for upwards continuation. However, the side by side hurdle is the $10,400 surface area where Bitcoin currently finds resistance.

Through that, a range is defined, which is constitute in the following nautical chart.

BTC USDT 12-hr chart. Source: TradingView

The range is defined past the resistance at $10,400 and the possible lower back up zones at $nine,500 and $9,800. If the toll can't break the $10,400 surface area then it will then likely pull back to retest this area.

Such a test would also mean that the cost is going to consolidate for a while. Consolidation at this level would imply re-accumulation before the continuation of the upwards trend.

If the toll of Bitcoin can intermission through $10,400, the next resistances are found at $10,900 and $11,600-11,900 where in that location is also an open CME gap.

Total market capitalization shows strength

The full market capitalization still provides a brighter view than the Bitcoin chart alone.

Full market capitalization cryptocurrency 12-hour chart. Source: TradingView

The chart is showing a clear back up/resistance flip at $245 billion, later which the marketplace capitalization continued to rally upwards. The adjacent target area is found at $285 billion and $300 billion.

A retest of $260 billion was likely to occur, just the marketplace didn't give such a retest as $275 billion became support.

This gives the impression that continuation towards $300 billion is warranted, which would so be tested as the next resistance level.

Altcoin market fights the $100 billion barrier

Total altcoin market capitalization cryptocurrency 12-hr chart. Source: TradingView

The total altcoin marketplace capitalization is yet testing the next resistance. The nautical chart clearly shows a breakthrough of the $80 billion, after which the quantum was confirmed by the support.

The market capitalization of altcoins is currently testing this massive resistance. A quantum of this level would warrant a continuation of $112 and $133 billion.

All the same, the upwards movement looks a bit overextended and a possible bearish divergence is currently actualization. If confirmed, this would imply that some retests of the lower levels at the $92 billion level are likely before continuation upwards can occur. A examination of the $eighty billion levels would still be a adept sign of overall upwardly momentum.

Bullish scenario

The market is giving several bullish scenarios, and two will be discussed in this section.

BTC USDT bullish scenario 1. Source: TradingView

The almost highly-seasoned bullish scenario would still indicate some consolidation earlier continuation. The key factor for such a consolidation would be the confirmation of resistance at $10,400.

Such a examination is likely to occur in the coming 24 hours. If the cost of Bitcoin can't break through this resistance, it's expected that some retests of the $9,500 and $9,800 level will happen before continuation upward.

If back up is plant at $9,500 or $9,800, the market is basically making another higher low which indicates that incoming buying pressure level will lead to the resistance being tested once more.

A quantum of the $10,400 level would open up the door for continuation to $x,900 and possibly the $xi,600-xi,900 zone.

The second scenario consists of a breakthrough of the $10,400 already within the side by side 24 hours.

BTC USDT bullish scenario ii. Source: TradingView

If such a bullish breakout occurs, continuation towards the stated targets is on the tables. The first resistance is at $ten,900, the second is found at $11,600-11,900.

Bearish scenario

BTC USDT bearish scenario. Source: TradingView

At that place'southward not a stiff reason to exist surly at this indicate, given that the tendency is upwards and not showing whatever weakness. We could see some bearish momentum in the coming period, but some important things take to occur in order for investors' perspectives to flip bearish.

The price has to start off with rejection at $10,400, subsequently which a retest of the $nine,500 is warranted. However, if the price of Bitcoin can't make a higher high after that (for example, a bearish retest at $9,800), continuation down is probable to occur with targets near $viii,800 next.

Nevertheless, the current trend is strong, and so the bullish scenarios are more than probable at this indicate. Equally long as Bitcoin finds support at $9,500 or $nine,800, continuation to the upside is more likely to occur than downwards pressure.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves gamble. You lot should bear your ain research when making a conclusion.