Bitcoin Heading to $10,000? - Medium Term Price Analysis
Bitcoin (BTC) has blasted through a key area of resistance in the local market structure, seemingly waylaying any possibility of a retrace or correction toward the lows. Retaking key levels may foster enough confidence for the market to stop waiting for a retrace, after the astonishing and nearly unbroken uptrend since February.
We can see below, on the daily chart, the broad strokes of what has happened. A very dense knot of support/resistance (S/R) around the $8,300 zone has been broken. Not only that, it was broken yesterday with a powerful candle to the upside, which closed well above the area in question.
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