Is Bitcoin Ready For 10,000$ ?
The last 7 days was a hell of a ride for Bitcoin and global equities. We tested the 6,000$ level, we broke the 200 SMA, we made a crazy reversal on very high volume and now we are trying to pick a direction. Bulls are looking a bit better lately and many crypto-enthusiasts believe we saw the bottom. There are certainly more indicators for a bull-run compared to going lower.
Although things are looking better we still have many resistance levels in our way to 10,000$. First resistance is at 9000$, which we tested the other day. Next we have the 9400$ resistance level, which is in my opinion the next big resistance - we have the 21-day EMA and also the descending trend line is around that level. I also believe we need a lot more volume for confirmation.
Still A Long Way To Go
It looks like the bulls have things under control, but I would go that far. YES, I am more bullish than bearish, but it's still a very tricky spot for me. When I look at the charts, it looks like every time we approach 8700-9000$ bears are ready to push back. For me the 9000$ and especially the 9400$ are key levels, so be careful when building a position.
What's Next ?
- If we break 9000$, I would expect to see the price to shoot up to 9400-9500$ before going down to 9100$
- If we get rejected and don't go above 8900-9000$ we might test the 8-day EMA (red line, 8500$)
- If we break the 8-day (downward movement), we should test the 200 SMA (white line, 8073$)
Verdict
Bitcoin is not ready for 10,000$. For this to happen we need more buyers and currently we don't have them. I think it will take some more time, before we can break the psychological 10,000$ level.
Actually i like the bear market and that price is holding around $8K, this is good for the long term, bitcoin is getting a base here IMO
because of the extreme hype and all the new investors, the party is over effectively, before anyone that bought saw huge gains but now BTC is being talked about in stock market terms i.e the party is over, tons of people bought from $9-19k and are in the red, that's never happened before. Due to the level of hype, this crash has happened and yet it 's not enough of a crash to create a huge buying opportunity either, BTC is not at $4k or $400...the price is just back to a couple months ago. all the real gains were already made. Before it was 100x in a year, now its hopes of 10x in years. And the alt coins just go up and down with the tide...rather pointless. How exactly the price of BTC went up so high without ANY justification is beyond me, where was the FUD when BTC went from $1 to $19,000??? now all of the sudden we are talking about FUD? If anything FUD should have been exponentially higher in the past, yet that's when the gains were non-stop. crypto was boundless before, now we're here talking about resistance levels and bases, which means the party is over.
Interesting point of view. What do you mean by "party is over"?
I mean that the huge quick gains are in the past, and of course mathematically that's the reality. before, it was get rich quick, now it's "you need to believe in the tech and look long term". as someone who came to the party late, I see the shift because I came in with everyone else, meanwhile people were cashing out millions that they made with a modest investment in prior years.
yes, it's always been like this. First movers are dumping onto second and third wave buyers. So this profit taking/loss-cutting was a very nice process. I am interested if we retest the 6k level what will happen :)
I agree. This kind of sideways action is very good in the long-term. It's early to say if 8k is base, but we will see soon. Thanks fro your comment :)
I agree with the analysis. As of right now it looks like we're testing the 9K resistance again. I'm curious if we'll finally be able to break it. On google trends you can see that Bitcoin is getting (slightly) more hits aswell, which was an indicator in the past for the price to go up. After all the fud, it looks like there should be enough bullish signs to drive the price up, but it could take a while. I'd personally rather see a consolidation around the 8-9k range now though than another dip below 8k.
Interesting, I crrtainly wouldnt expect bitcoin to gain more popularity after recent events. Consolidation is good, but too many rejections from the 9k level will lead to a new resistance level at 8500$. Guess we will see, thanks for commenting :)
I agree. After the strong rebounce from 5900 back all the way up to 8000 it seems like the market doesn't really know what's next. After resisting the 9k barrier again just a few hours ago, I think your conclusion is pretty spot on. There's not enough momentum for now to break these upcoming important resistances.
Consolidation is good and healthy after the correction we have seen. I think profit-taking at around 9500 will keep us on from break 10,000 in the short term. I think the long term target Is 25,000. I’m not sure it’ll be this year, but I think we will hit that as the supply dries up and the bad publicity slows down we are in for more green.
Agree ! Long-term I am very bullish, but we have to see some more selling. I also agree on the 9400-9500$ level.
Well personally I think we'll need something more to see the big numbers again. I think the most plausible way to get to 20k is to get another gigantic bullrun like we saw just two months ago. The market is still the same, and there's still plenty of "dumb money" waiting for BTC to go for a run so that they can buy in when everything is in the green. The crash is a set-back, but I don't think it will change anything about the way this market behaves. I think the only thing we need is a big push again to break the 10k level, and we'll quickly (1-2 months) go test the ATH from there. We'll see I guess :)
Yes it fucking is!! bull bull bull :P
end of febuary i think we are looking at 13k-15k
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Did you means, nowadays, Do the people have lose interest in buying BTC?
Upvoted and resteemed
No, I think that at the moment a lot of investors are "scared" and confused by the FUD, so it might take a bit more time to recover :)