Bitcoin Price Analysis: At what level will BTC/USD get interesting?
- Bitcoin has struggled to gain any real momentum in the session.
- Although the trend is still moving higher 10K still seems to be the sticking point.
BTC/USD 4-hour chart
Bitcoin struggles to find any momentum on Friday as it languishes under the 10K zone unable to mount an attack on the psychological zone, for now. On the technical front, the price is still in an uptrend but the wave high of 10428.00 will need to be broken for the trend to continue.
The indicators are slightly mixed, On the daily chart, the Relative Strength Index is making lower high waves while the price makes higher highs. This is called bearish divergence and can indicate that the bulls are running out of steam. The MACD is turning positive as the histogram breaks into the green and the signal lines are still above the mid-zone.
Lastly, another positive sign is the fact that the price is trading above the 55 and 200 moving averages. There was a bullish cross on 13th May and the market still seems to be respecting the move higher. But the bulls will need to take out 10428.00 for the trend to continue in the right direction.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
