Bitcoin Price Analysis: The bulls are in touching distance of 10K
- Bitcoin is the clear outperformer in the crypto market on Thursday rising 7%.
- The price is heading to the massive 10K psychological level.
BTC/USD daily chart
Ahead of the big halving event next week the bitcoin bulls are out in full force. The price is trading 7% higher on the session and a stone's throw away from the 10K level.
Looking closer at the chart we can see that the black trendline has been taken out in a very classic technical move. It could be retested in the medium term if the 10K level acts as a resistance zone but only time will tell.
The price is also trading above the 200 simple and 55 exponential moving averages, which is clearly a bullish sign. The relative strength index indicator is also in a very overstretched overbought position. This could indicate a pullback is on the cards.
If the level does get taken out lookout for the resistance zones above the current price. The next one up is the blue 11K level. The price has used this level a few times so it does have some significance. The main high is 13,862.09 this is the highest point on the chart and the potential target if the bulls gather some serious momentum from here.
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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.
