Bitcoin technical analysis: Is the breakout here?

bitcoin-analysis

Bitcoin price has been inside boring range for some time now, not much happening, but on Tuesday it broke $10k and could be going for the important $10.5k next. Let’s see.

Strong up move from the $3.8k bottom went above the yellow dotted moving average from 50 weeks and after that price has been consolidating above it in the weekly chart. This consolidation has been lasting 4-5 weekly bars now. It will fuel the coming up move, if the important $10.5k breaks.

I think that in the case of this kind of breakout we will see 2018 yearly open at $13880 quite fast. If we go there very fast then it is likely to act as strong resistance, retrace could hit $10k again before rally continuation to all time high numbers.

Big resistances after $10.5k are $13880 yearly open and then $19666 all time high price. After that round numbers $50k, $100k, $200k, $500k etc…

If we do not break the $10.5k now but instead stay in this range then as long as price stays above the 2020 yearly open at $7160 the up trend from $3.8k bottom is intact. Moving average from 50 weeks is going to be support at $8.8k and daily averages at $8k before that.

Fast long squeeze before pump up is not ruled out before $10.5k breaks. Do not use high leverage, better yet learn to trade with spot before touching margin at all. Greed will make you do stupid things. Example: 10% profit every month cumulates real fast.

Daily RSI at the bottom of the chart tested 50 during this recent short term consolidation and now it is testing 70. Going above 70 with price breaking $10.5k would give confirmation that the rally mode is on.

Going to 30 and below while price stays above the 2020 yearly open at $7160 would be an obvious buy opportunity.

Why bitcoin is one of the best investments in the world today and why technical analysis works (simply explained)

 

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GoingLong
GoingLong
03/06/2020 10:53

“10% profit every month cumulates real fast.” One cannot argue with that sage logic.

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