Rajarshi Mitra
Independent Analyst
- BTC/USD is trading for $8,350 in the early hours of Thursday.
- Bulls are aiming for the $10,000-level.
Bitcoin bulls took the price up from $8,200 to $8,350 in the early hours of Thursday. Earlier on Wednesday, BTC/USD went up from $8,040 to $8,200. The price reached $8,240 before the bears corrected the market and took it down to $8,145. The bulls then re-entered the market and refused to let go off their stranglehold. If they continue their momentum, the $10,000 may get breached soon.
BTC/USD Daily Chart
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- The widening jaw of the 20-day Bollinger band shows increasing market volatility.
- The latest session of the daily BTC/USD price chart crept back inside the upper curve of the Bollinger band.
- On the upside, the closest resistance level lies at $8,350.
- The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
- The signal line has diverged away from the MACD line, showing increasing bullish momentum.
- The relative strength index (RSI) indicator is trending in the overbought zone.
- The Elliot Wave Oscillator shows 15 consecutive bullish sessions.
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