Bitcoin surfaces above $10,000: Bumpy ride to $11,000 expected

  • The final kick to $10,000 came after breaking past $9,800 hurdle.
  • Technical analysis points Bitcoin in the upward direction in the near-term.

Bitcoin price prolonged the positive gains we talked about earlier. The final kick to $10,000 came after breaking past the now-former resistance at $9,800. Although BTC hit an intraday high at $10,053, the price retreated below $10,000. A move that was mean to seek balance before the bulls re-emerge above $10,000, this time focusing om $10,200.

At press time, Bitcoin is flirting with $10,000 while supported by the resistance turned support at the 23.6% Fib retracement level taken between the last swing high at $10,228 to a swing low at $9,122. The trendline support is also in line to anchor the declines. Additional support is expected from 50 Simple Moving Average (SMA) currently at $9,600, the 38.2% Fib level at $9,400 and $9,100

Read also: Bitcoin trails EOS and Tron in latest Chinese blockchain rankings

Technical analysis points Bitcoin in the upward direction in the near-term. All eyes are glued on $10,200, especially with the positive divergence. The Relative Strength Index (RSI) is also in the overbought. Therefore, its retreat could warn the traders of a reversal. The journey to $10,200 will not be without bumps. $10,200 is a hurdle that must be cleared in the short-term to formed the basis of the gains heading to $10,000.

BTC/USD 1-hour chart


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