TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Price Analysis: BTC/USD looks set to hit 10K after descending wedge break

  • Bitcoin has pushed 2.64% higher on Thursday as sentiment remains high.
  • The chart shows a bullish break of the descending wedge chart pattern.
Bitcoin Price Analysis: BTC/USD looks set to hit 10K after descending wedge break
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 4-hour chart

BTC/USD looks set to test the 10K level once again after the price pushed through 9K yesterday. The price continues to trade above both the 55 and 200 moving averages, which is a bullish signal. The market is in a technical uptrend making higher highs and higher lows although the previous wave high of 9957.25 would need to be taken out for the trend to continue. 

The indicators are also positive as the Relative Strength Index indicator moved above the 50 mid-line and still has room to move to the overbought level. The MACD signal lines are still above the zero level on the daily chart but on the 4-hour chart below things are looking better. Both the signal lines and histogram are showing positive signals on the 4-hour.

The main feature on the chart is the chart formation marked in black. There had been some lower high lower low waves and now the trend has been broken with this latest move higher. This seems to be a firm indication that the 10K level is a target for the bulls.

Bitcoin breaks descending wedge

Additional levels

BTC/USD

Overview
Today last price9453.93
Today Daily Change243.58
Today Daily Change % 2.64
Today daily open 9210.35
 
Trends
Daily SMA209252.57
Daily SMA508342.71
Daily SMA1007911.42
Daily SMA2008049.89
 
Levels
Previous Daily High9228.36
Previous Daily Low8812.75
Previous Weekly High9957.53
Previous Weekly Low8800.12
Previous Monthly High9476.83
Previous Monthly Low6156.67
Daily Fibonacci 38.2%9069.59
Daily Fibonacci 61.8%8971.51
Daily Pivot Point S18939.28
Daily Pivot Point S28668.21
Daily Pivot Point S38523.68
Daily Pivot Point R19354.89
Daily Pivot Point R29499.43
Daily Pivot Point R39770.5

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

More from Rajan Dhall, MSTA
Share:

Editor's Picks

Starknet Price Forecast: STRK rally tests key breakout amid proposed Layer-1 transition

Starknet Price Forecast: STRK rally tests key breakout amid proposed Layer-1 transition

Starknet is up 16% so far on Friday, advancing its steady recovery of nearly 200% since mid-August. The rally aligns with the rising demand for financial anonymity in the cryptocurrency market and the CEO of StarkWare, Eli Ben-Sasson’s proposed transition of Starknet to Layer-1 to achieve quantum security by 2027.

Top 3 Price Prediction: BTC sheds 5%, ETH loses 50-day EMA, XRP risk breakdown

Top 3 Price Prediction: BTC sheds 5%, ETH loses 50-day EMA, XRP risk breakdown

Bitcoin, Ethereum, and Ripple remain under pressure on Friday after losing over 5%, 9% and 8% so far this week. BTC trades below $82,000, ETH loses $2,500, while XRP retreats toward a key support zone. The price action of these top three cryptocurrencies now faces critical technical levels that could determine whether the correction deepens or a recovery takes shape.

Ethereum Price Forecast: ETH drops below $2,500 as rising Treasury yields trigger selling pressure​

Ethereum Price Forecast: ETH drops below $2,500 as rising Treasury yields trigger selling pressure​

Ethereum fell below $2,500 on Thursday, down nearly 4% and extending losses for a third consecutive day. The decline follows rising Oil prices and US Treasury yields over the past few days. The 10Y Note Yield reached a 24-year high at 5.35%, and the 30Y Note Yield climbed above 5.70% earlier in the day, sparking major distributions in the crypto market.

Hyperliquid Price Forecast: HYPE drops to $84 as Hyperliquid Labs begins $330 million OTC distribution

Hyperliquid Price Forecast: HYPE drops to $84 as Hyperliquid Labs begins $330 million OTC distribution

Hyperliquid Labs distributed 3.75 million HYPE tokens, worth about $330 million, through an over-the-counter (OTC) arrangement with an undisclosed institution, rather than selling the tokens on public exchanges. According to onchain data shared by OnchainLens on Wednesday, the tokens completed a seven-day unstaking period before the full allocation was credited to Hyperliquid Labs’ spot balance.
Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.