Bitcoin price analysis: BTC/USD revived uptrend is bound to hit higher levels


  • Bitcoin piece technicals align for a recovery above the resistance at $10,474.
  • The MACD’s positive divergence is good enough to sustain Bitcoin above the short-term 50 SMA support.

Bitcoin is trading at $10,387 below its opening price of $10,335 on Friday. However, the upward correction is only getting started. The four-hour chart for BTC/USD trading pair displays an asset with great potential to explore high levels towards $11,000.

Following the worrying dip below $10,000 earlier in the week, BTC/USD bounced back from the support at $9,800. The consolidation that followed between $10,000 and $10,200 paved the way for the late Thursday push above the 100 Simple Moving Average resistance and the 50 SMA on the 4-hour chart. BTC stepped above $10,400 resistance before hitting the barrier at $10,474 (confluence resistance level discussed yesterday).

Read alsoCubans resort to Bitcoin and cryptocurrencies to bypass U.S. sanctions

The Moving Average Convergence Divergence (MACD) has a bullish inclination. If the signal crosses into the positive zone, buyers are likely to find more faith with the uptrend. Meanwhile, the existing positive divergence is good enough to sustain Bitcoin above the short-term 50 SMA support. Moreover, the Elliot Wave Oscillator is in its initial phases of a bullish session likely to continue in the coming sessions. Apart from the SMAs support, Bitcoin would find cushion at $10,200, $10,000 and $9,800 in the event a reversal occurs. The main support for the crypto remains between $9,200 and $9,400.

BTC/USD 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction Bitcoin, Ripple, Ethereum: Cryptos seeing multiple launches into the universe

The BTC/USD pair is currently trading at the $10.187 price level, the same price level as in recent weeks. The most serious difficulty for Bitcoin is the low volatility, after many days in the same price range, strength and speed indicators are at minimum levels. It will not be easy to start again.

More Bitcoin News

Ethereum (ETH) price analysis: ETH/USD settles above $200.00 amid altcoins'bull run

The second-largest cryptocurrency with the current market capitalization of $22.9 billion hit $215.18 during early Asian hours. While the coin has retreated to $212.40 by the time of writing, the upside momentum remains strong as the coin stays above a critical $200.00.

More Ethereum News

NEO price analysis: NEO/USD retreats from intraday high, upside momentum recedes

NEO is performing strongly on Wednesday. The 20th largest digital asset with the current market value of $69 million gained over 7% both on a day-on-day basis and moved nearly 3% higher since the beginning of the day.  At the time of writing, NEO/USD is changing hands at $9.80, off the intraday high of $9.87. 

More NEO News

TRON market update: TRX/USD tests DMA50 for the first time since July

TRON (TRX) is one of the best performing coins on Wednesday. TRX/USD has gained over 10% of its value to trade at $0.0178 by press time. While the coin has retreated from the intraday high ($0.0178), the upside momentum is still strong as TRX is moving in sync with the rest of the market. 

More Tron News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP