Bitcoin Price Analysis: BTC/USD On The Verge Of Another Breakout Eying $10,000

BTC/USD price chart
BTC/USD price chart Tradingview

Bitcoin Price Analysis: BTC/USD On The Verge Of Another Breakout Eying $10,000

  • 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

BTC/USD price chart
BTC/USD price chart Tradingview

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.

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Bitcoin Price Analysis: BTC/USD On The Verge Of Another Breakout Eying $10,000
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Bitcoin Price Analysis: BTC/USD On The Verge Of Another Breakout Eying $10,000
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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.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 437 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @