Bitcoin Price Analysis: Why Investors Are Almost Certain For The End-Year Rally to $13,000

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Bitcoin Price Analysis: Why Investors Are Almost Certain For The End-Year Rally to $13,000

  • Bitcoin embarks on trading a lower high patter following the rejection from recent highs at $10,534.
  • The range resistance at $9,600 and the 100 MA resistance must be broken down for correction to $10,000.

Bitcoin has proved on numerous occasions its ability to rise from the ‘ashes.’ The latest example being the recent recovery from $7,300 to highs around $10,534 (on coinstats). Although there was an immediate reversal that rested levels slightly under $9,000, Bitcoin swung towards $10,000.

Meanwhile, Bitcoin is trading within a wide range with an upward limit at $9,600 and a lower limit at $9,000. An attempt to clear the range resistance on Tuesday failed to yield. For now, Bitcoin is teetering at $9,390 while the upside is capped by the 100-day MA.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview, Coinbase

It is becoming apparent that Bitcoin bulls must gather the strength to clear the resistance at the 100-day MA and $9,600 to be able to launch an attack on $10,000 and higher levels towards $13,000. The descending channel resistance is another hurdle that if broken, will increase the momentum of the breakout.

Also Read: What Will Be Bitcoin’s Price in 2020? Leading Analyst Explains

From a technical picture, Bitcoin’s current ranging trend is likely to continue. The Relative Strength Index (RSI) is in a ranging motion at 58. The recent surge saw the RSI approaches 70 but formed a high at 66. Traders should be on the lookout for movement to the north which is likely to encourage more buy entries. Besides, the range support at $9,000 Bitcoin will find support at the 50-day MA, $8,400, $8,000 and $7,300.

Bitcoin Key Technical Levels

Spot rate: $9,371

Relative change: +53

Percentage change: +0.61%

Trend: Bullish

Volatility: Expanding

Trading range: $9,000-$9,600

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Bitcoin Price Analysis: BTC/USD Investors Eagerly Wait For End-Year Rally to $13,000
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Bitcoin Price Analysis: BTC/USD Investors Eagerly Wait For End-Year Rally to $13,000
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Bitcoin embarks on trading a lower high patter following the rejection from recent highs at $10,534. The range resistance at $9,600 and the 100 MA resistance must be broken down for correction to $10,000.
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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 285 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 @