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.
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.
-637262937795019429.png)
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.
