- Bitcoin’s three-months target is at levels not less than $10,000.
- The short term bearish bias trend means that Bitcoin could return under $7,000.
Bitcoin has slowed down the action above $7,000. The impressive bullish momentum mid this week stalled short of $7,500. A reversal from the weekly high has been contained above $7,000. Trading at $7,143, the path of least resistance remains downwards.
BTX/USD daily chart
The 50-day Exponential Moving Average Average (EMA) and the EMA 200 are maintaining the position above the price at $$7,695 and $8,295, respectively. Moreover, the gap between the two moving averages is widening, which signals that the bears are gaining strength.
From a technical perspective, The Relative Strength Index (RSI) shows suggest that Bitcoin has a short-term bias. Recently, the indicator shot upwards from the levels slightly under 30 to 47.89. An ongoing gradual slope emphasizes the risk of Bitcoin retesting $7,000 and $6,500 respectively.
However, a conflicting scenario suggests that the consolidation will culminate in yet another incredible correction above $8,000. In other words, the falling wedge pattern is likely to nurture a bull rally with the potential of hitting highs close to $10,000. For this rally to occur, Bitcoin needs a catalyst, increasing volume, and positive technical levels. In retrospect, this is a long term prediction that could take place in three months ahead of Bitcoin halving in May 2020.
Bitcoin Key Technical Levels
Spot rate: $7,144
Relative change: -13
Percentage change:-0.15%
Trend: Bearish
Volatility: Low
RSI: Gradually slopes downwards indicating a growing sellers’ grip.
Summary
Article Name
Bitcoin Price Analysis: BTC/USD On The Verge Of Another Breakout Eying $10,000
Description
Bitcoin’s three-months target is at levels not less than $10,000.
The short term bearish bias trend means that Bitcoin could return under $7,000.
Author
John Isige
Publisher Name
Coingape
Publisher Logo
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
