Bitcoin might be going to $10k?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The end of the C wave from Wave 2 at $ 6,500 resulted in the price above the short-term trend line and the $ 7,500 test, which was then stamped. Currently, this level is a support for the price.

The rally on the increased volume ($ 1,000 an hour exchange 30k of BTC fututres contracts) caused the price to reach the local resistance level at $ 8,265. This level is the last technical resistance against 38% Fibo at $ 8,438.

Nevertheless, the more important technical resistance, the overcoming of which opens the way above the level of $ 10k, is the level of 50% Fibo to $ 9,058 and lying down the technical resistance zone at $ 9,222.

Overcoming these two zones will be a good prognosis for further increases.
Comment: Consolidation phase now, but the technical support at the level of $7,506 must hold the supply pressure in order for Bitcoin to rally higher.
Comment: This is developing by the book: one more small sub-wave to the downside needed.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.