A Bitcoin hurricane is coming: storm low Sabine brings the $ 10,000
From Sunday to Monday, the storm storm Sabine should rage in Germany. But also on the crypto markets there are signs of a storm - in a positive sense.
At least in Berlin, citizens were given mild weather on Saturday, February 8th. That seems to be over tomorrow for the time being: The storm depression Sabine is said to be raging over Germany and is to make a spanner in the works of some Sunday excursions.
For us crypto friends reason enough to ask: what is the weather like in the crypto markets? Bitcoin, in particular, is currently an interesting candidate: the course broke the psychologically important $ 10,000 mark. These course levels, apart from a brief moment on October 26, 2019, were last seen in mid-September last year. Just before the upcoming halving, breaking this mark in many Bitcoin bulls would raise hopes for new all-time highs. The Fear-and-Greed Index speaks a corresponding language, which has rated crypto markets as “greedy” since the end of January:
Markets are getting greedy again.
Current Fear and Greed Index: “Greedy”
Latest Crypto Fear & Greed Index
The only question is: can a new Bitcoin rally be expected, which will raise the price above the $ 10,000? We want to look at the charts and a little bit at the on-chain behavior.
Bitcoin: off to new shores
In a nutshell, Bitcoin bulls can breathe a sigh of relief: Technical analysis indicates a long-term positive trend:
In the weekly chart, the next dramatic resistance will be over $ 10,000.
Weekly chart based on the pair of values BTC / USD a> created on the Bitstamp exchange.
We see that the triangle pattern in which the Bitcoin price has been moving since the beginning of 2018 is slowly closing. It should be broken before September. The Bitcoin price is currently putting it on a third test of the resistance of this triangle pattern. If the current upward trend is pursued at the current speed, this test should come at the end of February.
The $ 10,000 in front of it shouldn't be a big problem when viewed on this long-term chart: The Bitcoin price has now been a month above the moving average of the last 20 weeks, the MACD has risen again into the positive range and. the RSI is clearly bullish at 60. Complementary to this, the arroon down signal also drops.
No wonder that, according to Into The Block, most investors are currently making a profit and most whales are increasing their positions accordingly:
Whales accumulate bitcoin
Divergences in the daily chart advise caution
So now only “number go up” applies? Not so fast, Bitcoin's daily chart advises:
A divergence can be a bit of a worry, but Bitcoin is currently: Number go up
Daily chart based on the pair of values BTC / USD a> created on the Bitstamp exchange.
Overall, this is also very bullish. One thing is worrying: there is a small bearish divergence between the Bitcoin rate and MACD. Correspondingly, consolidation can occur - in line with the storm Sabine. At the moment, however, a small consolidation can be expected, not a complete change in the market.
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