Bitcoin Price Forecast: BTC/USD looks set to hit 10K after descending wedge break

Bitcoin has pushed 2.64% higher on Thursday as sentiment remains high.
The chart shows a bullish break of the descending wedge chart pattern.

BTC/USD 4-hour chart

BTC/USD looks set to test the 10K level once again after the price pushed through 9K yesterday. The price continues to trade above both the 55 and 200 moving averages, which is a bullish signal. The market is in a technical uptrend making higher highs and higher lows although the previous wave high of 9957.25 would need to be taken out for the trend to continue.

The indicators are also positive as the Relative Strength Index indicator moved above the 50 mid-line and still has room to move to the overbought level. The MACD signal lines are still above the zero level on the daily chart but on the 4-hour chart below things are looking better. Both the signal lines and histogram are showing positive signals on the 4-hour.

The main feature on the chart is the chart formation marked in black. There had been some lower high lower low waves and now the trend has been broken with this latest move higher. This seems to be a firm indication that the 10K level is a target for the bulls.

Additional levels

BTC/USD

Overview
Today last price	9453.93
Today Daily Change	243.58
Today Daily Change %	2.64
Today daily open	9210.35

Trends
Daily SMA20	9252.57
Daily SMA50	8342.71
Daily SMA100	7911.42
Daily SMA200	8049.89

Levels
Previous Daily High	9228.36
Previous Daily Low	8812.75
Previous Weekly High	9957.53
Previous Weekly Low	8800.12
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	9069.59
Daily Fibonacci 61.8%	8971.51
Daily Pivot Point S1	8939.28
Daily Pivot Point S2	8668.21
Daily Pivot Point S3	8523.68
Daily Pivot Point R1	9354.89
Daily Pivot Point R2	9499.43
Daily Pivot Point R3	9770.5

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