Bitcoin price analysis: BTC/USD bulls are mobilizing for a new assault at $10,000; traders ignor humiliating comments from mainstream finance gurus.
|- BTC/USD doesn't give up, it switches to tactical retreat.
- Bitcoin bulls might have another try at $10,000 very soon.
Bitcoin has stabilized after a forceful retreat from $10,000 level. The resistance is so strong that it is but natural that the market moves to and fro, test waters and gets back to mobilize energy for another attempt higher. Currently, BTC/USD is trading at $9,400, off Monday's low registered at $9,162.
Considering that the price is consequently making higher lows it stands to reason that $10,000 will be cleared out after all. Once this happens, Bitcoin will rush pretty quickly towards $10,500 (78.6% Fibo retracement) and to $11,600-$11,800 area (middle point of Andrew's pitchfork lower band).
Meanwhile, mainstream investors and financial experts continue to produce grim forecasts for cryptocurrency market: Warren Buffet, Bill Gates, Nouriel Rubini are among the latest doomsdayers. Though the crypto community seems to have hardened towards such comments from people who are involved in the traditional financial markets.
Bitcoin technical picture
From the longer-term point of view, the critical support is created by $9,000 level. As long as the price stays above, bulls have a chance to get back to $10,000, while a confirmed break lower would signal that the bullish reversal might be over and the coin is going to return to the bearish trend. Below $9,000 price will aim at $8,700 and $8,000.
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