Bitcoin (BTC) Breaches More Resistances, Attempts to Break $10,000

Bitcoin (BTC) Breaches More Resistances, Attempts to Break $10,000


Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bullish
Yesterday, the Bitcoin bulls made a surprise bullish move to retest the $10,000 resistance. The bulls reached a high of $9,938 but could not push above $10,000 resistance. This will be the fourth failed attempt at the resistance. After a pullback, the price fluctuated below the resistance zone before finding support above $9,250. The bulls successfully defended the $9,250 support zone. This was the previous resistance level. Nonetheless, once the current correction is over, BTC is likely to rebound above the current support.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
In the current uptrend, BTC has risen to level 65 of the daily Relative Strength Index. The implication is that it is in the uptrend zone and may likely rise. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

BTC/USD Medium-term Trend: Bullish
On the 4– hour chart, the bulls have been making frantic efforts to retest the $10,000 resistance. Today, after the resistance, BTC falls above $9,250 support level. The coin was well supported as the price action is indicating a bullish signal.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The current price retracement found support above the 50-day SMA. BTC is below 80% range of the daily stochastic. This implies that BTC is in a bearish momentum. It is contrary to the price action as the market is indicating a bullish signal. The 21-day and 50-day SMAs are sloping upward.

General Outlook for Bitcoin (BTC)
Bitcoin reached the $10,000 resistance zone but could not push above it. A repeat retest is likely if the bulls continue to sustain the price above $9,000 resistance. A break below $9,000 will portray the weakness of the coin. Besides, a break below $9,000 will incur a larger downtrend to the lows of $8,200 or $8,000.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.