Bitcoin price prediction: $10.000 as the key level to watch for BTC/USD

Finnish banks "freeze" trading accounts, apply preventive measures

The Crypto sphere is starting the week with more problems for trading platforms, now coming from Finland. The Scandinavian countries have an important role, because there are several Cryptocurrency mining projects stablished there because of the climatic and energetic edge.

The Finnish banks have temporarily blocked the Crypto trading platform accounts, complying with local laws that demand the capital sources of bank accounts to be identified.

Bitcoin is still trading in a technically complicated area, with positive and negative forces colliding, thus complicating the analysis. BTC/USD has drawn a "W" structure during the weekend, which statistically should trigger a turning point to the upside. For now, this is only another ingredient of our analysis, with multiple mixed signals that should be taken into account when drawing a strategy to trade Bitcoin.

Bitcoin price is moving around a congestion zone, an area where the price level attracting more action is $9500. BTC/USD has stopped at this level up to seven times in the last two months, only trading below there in early February, when it set the relative low at $5896.

BTC/USD 4H chart

Looking at key levels for Bitcoin, the first to watch on the upside is the psychological $10000 mark, followed by $10500, where BTC/USD should take back the bullish channel lost on March 7th. Above this level, another complicated area, where the price could find resistance at $11450 at first, and then at $12000 as the last barrier preventing price from escaping the current negative outlook.

On the downside, BTC/USD is trading inside a tight bearish channel, with the base at the $8900, followed by long-term trends that rule the current bearish leg and are targeting $8500 and $8000.

If buyers don't take reigns of the price action, Bitcoin could fall down to the area where several bearish trendlines are converging, right at $7700, a projected bearish target for the end of this month.

MACD in the Bitcoin 4-hour chart is crossed up, coming from lows. It is showing a bullish divergence in the candlestick close, but not in the absolute lows, so it lacks some strength. The indicator has some room to grow before facing the equilibrium line.

Directional Movement Index still is not showing any control by the buyers, despite the increase of long positions in the most recent hours. Sellers have fallen a bit, but they are still outnumbering buyers. ADX is sliding and it should follow going south for the time being.

Conclusion

After the recent price action, BTC/USD has gained some bullish potential, but the big number of hurdles leaves some doubts to the bulls. Just those ones with the possibility of taking immediate positions with no delay should now be aggressive, as the key levels are pretty tight and the scenario could worsen quite rapidly. For those that can operate with ease, tight stops below the key levels are recommended.