Falling Dominoes? $10,000 Bitcoin Price Now Looks Inevitable
never say by no means, but bitcoin looks set to topple the $10,000 mark throughout global exchanges nowadays.
at the same time as BTC is but to pass the extraordinary milestone on western exchanges, trading in Asia has already visible the cryptocurrency hit as excessive as $10,086 these days on facts source CoinMarketCap.
Bitcoin first commenced peeping above the psychological hurdle on numerous South Korea-primarily based cryptocurrency exchanges remaining night time.
As in step with CoinDesk's Bitcoin price Index, but, the cryptocurrency continues to be trading at $9,917 levels.
That stated, the chart evaluation shows the dominos are falling, and bitcoin is ready to pass the ancient fee factor sooner instead of later.
four-hour chart
The above chart shows:
A minor drop to $9,500 levels yesterday was quickly undone as the cryptocurrency found takers around the upward sloping 50-MA (moving average).
The 50-MA, 100-MA and 200-MA favor further upside in prices (sloping upwards).
More importantly, the rising trendline (drawn from Nov. 12 low and Nov. 24 low) is intact. The trendline is seen offering support today $8,800 levels.
Potential bearish price RSI divergence: The RSI would form lower highs if the current 4-hour candle closes below the 4-hour 50-MA level of $8,625. That would confirm a bearish divergence
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Bitcoin has potential to extend gains to $10,400 levels, as suggested by the bull flag breakout earlier this month.
The slight cause of concern would be confirmation of the bearish-price RSI divergence. In such a case, the cryptocurrency could witness a deeper pullback to $9,000 levels. However, that may not necessarily yield a trend reversal for two reasons:
In the past, bitcoin has made major tops following the confirmation of the bearish price RSI divergence on the daily chart. A 4-hour bearish divergence is unlikely to yield anything more than a minor pullback.
The outlook remains bullish as long as the rising trend line is intact. Only a break below the trendline support would signal a near-term bullish-to-bearish trend change.