Bitcoin Price Analysis: Bitcoin stops just shy of the 10K mark
- Bitcoin is trading over 3% higher but cannot test 10K.
- The BTC/USD medium-term trend is still up but a break of the 8100.00 level could change that.
BTC/USD daily chart
Bitcoin fell just short of hitting 10K on Thursday. It seems that the bulls just ran out of steam ahead of the psychological level. Looking at the long term trend on the chart the price will still need to break 10522.51 to make the pattern of lower highs become obsolete.
Looking closer at the technicals, the Relative Strength Index (RSI) indicator has pulled away from its recent peak. Now there is some room for a move to the upside again on the indicator. The price is still holding above the moving averages.
The key zone still remains to the high on the chart of 13868.34. Any break of the red resistance line could be a great indication that the price might reach there. The 62.8 Fibonacci extension level still looks hard to beat so over the next few sessions let's see if the bulls can gather enough momentum.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
