Investors are pushing the price of Bitcoin up and it looks like we will continue to rise by the end of the year.
We have a really busy week behind us, which was characterized by sharp upward movements and the bulls played their game. In our last analysis, we focused on the $ 10,000 area, which is a very important psychological area for BTC. It was important for the bulls not to allow price to fall below $ 10K, and they succeeded.
The bulls turned long-term active and unpleasant resistance into support and so the journey up could begin. After yesterday’s explosion, which brought the price up to $ 12,123 (binance), came also the first big sale and the price almost reached new and very important support. Yesterday’s low was $ 10,518 and the bulls bounced it back perfectly. Currently, the market is calm and we are waiting for further indications.
Technical analysis and its findings:
- New and important support at $ 10,000
- Major resistance at a price area $ 13k / $ 13500
- New UP Channel at 4H
- RSI is overbought at 1D / 1W and this can mean short-term and speculative sales of big players
- If Bitcoin doesn’t fall below $ 10K it’s more than likely that we’ll get up to $ 13K+ in the coming months
If you are considering trading be focus on the area of support and major resistance.
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