Bitcoin Pushes above $10,000, Targets $10,360 Resistance
Bitcoin breaches more resistance levels as the coin finally attains the $10,000 mark. The bulls broke the $9,800 resistance and reached a high of $10,150. Bitcoin is facing resistance at the current price level.
Before the current resistance, it has earlier been anticipated that if the bulls overcome the resistance at $9,600, the price will rally above $10,300. Bitcoin fell to a low of $9,100 and rebounded to a high of $10,150.
The bulls are facing minor resistance at $10,150. The next target of the bull is the $10,360 where it will face greater resistance. In September, Bitcoin was in consolidation above $10,300 for three weeks in a bear market. The market fell to a low of $8,000 after consolidation. Nonetheless, Bitcoin is in a bull market, and we expect the coin to reach the next target price.
Bitcoin Indicator Reading
Since February 4, BTC has been trading above the 80% range of the daily stochastic. BTC is in a strong bullish momentum. The coin is also in the overbought region of the market. It implies that buying has been overdone in that region. There may be a lack of buyers to push the coin upward. Incidentally, the region has generated sellers who will push the coin downward.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
What Is the Next Direction for BTC/USD?
Interestingly, the bulls have successfully pushed BTC close to the target price of $10,360. What happens is that the bulls have to sustain the momentum above $10,000 so that the next target can be achieved. The market can be said to be in a strong momentum if the price above the 80% range.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
Published at Mon, 10 Feb 2020 13:05:25 +0000
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