Bitcoin Plows Through: Here’s What May Push It To $10K

Bitcoin Plows Through: Here’s What May Push It To $10K

Bitcoin breached a big resistance zone against the US dollar, between $9,000 and $9,100. The price of bitcoin is gaining traction, and it could soon climb over $9,500 and go for $10K.

  • Bitcoin began a steep rise and breached the resistance zone key of $9,100.
  • The stock is now trading at nearly $9,400 and will soon seek to clear $9,500.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), there’s a major bullish trend line forming with support close to $9,120.
  • If there’s a proper H4 close above $9,500 and $9,570, the pair could accelerate its rise.

Bitcoin is pushing it to $10K

We addressed yesterday how bitcoin prices could gain a bullish momentum if they hit $9,000 against the US dollar. The BTC price has exceeded the resistance of $9,000 and the simple moving average of 100 hours.

The bulls also moved the price above the main resistance zone of $9,100. On the BTC/USD pair’s hourly chart, there was a split above this week’s followed bearish trend line with support close to $8,910.

Bitcoin Smashes Strong Resistance: Here's what $10,000 might be propelled

Bitcoin traded as high as $9,408 and is consolidating profits at present. One initial downside support is near the point of $9,120. It is similar to the 23.6 percent Fibonacci retracement point of the recent rise from the low of $8,186 to a peak of $9,408.

More significantly, a big bullish trend line is forming on the same map, with support close to $9,120. When there is a downside break below the trend line, the price could be lower to the support of $9,000.

On the upside, the level of $9,400 is an initial zone of resistance. The main resistance is close to the levels of $9,500 and $9,570. If the bulls are gaining pace above the resistance of $9,570, the price could start a sharp rise in the sessions to come. The next big bull hurdle is seen around the stage of $10,000.

Another Decline?

Unless bitcoin doesn’t remain above the support of $9,000, there are chances of more declines towards the support point of $8,800. This is similar to the 50 percent retracement Fibonacci point of the recent rise from the low of $8,186 to a peak of $9,408.

Any further losses below the $8,800 support zone could open the doors in the near term for a bigger decline toward the $8,500 support.

Technical indicators:

Hourly MACD – In the bullish sector, the MACD is gradually losing momentum.

Hourly RSI (Relative Strength Index) – The BTC/USD RSI now stands far above the 60 marks.

Big Support Rates – $9,120 followed by $9,000.

Big Resistance Rates – $9,400, $9,570 and $10,000.