This week, the bitcoin price again on steam. Especially Wednesday, it was awesome, bitcoin is shot in one day by almost seven percent. Can bitcoin this weekend and then, finally, the magical $ 10,000 to achieve? Or, will the market still down?
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Bitcoin price is climbing gradually
Since the beginning of the year bitcoin is in an upward trend. On Tuesday, we wrote that the share price is in a channel and which moves, that is, the space between the two parallel trend lines.
However, there is still something that stands out. Every time when bitcoin is in a mountain peak, as this peak is later for a new bed. The share price is climbing up like a staircase, step for step. But then it was just a little bit different each and every time a hoof back before bitcoin continue to go up.
Continue this pattern to repeat itself? It may have been the price at first is going back to a capacity of 9,500, before a single bitcoin to $ 10,000, go. This is the last summit on January 30.
However, it remains to bitcoin, so it would’t be surprised if, in the course of the next few days in the one go away for $ 10,000.
After $ 10,000 it can be hard to go
There is first a dip or go in the direction directly to the ‘10k’? However, it is only a matter of time before the race to the magical $ 10,000 is tapped. In our currency, that is 9.120 euro, which sounds a lot less spectacular.
However, if we look at the charts, then, we can see that the $ 10,000 is indeed very important. You don’t have to be a key psychological threshold for a lot of people. It Is at this level, once it is broken? The price is hard to go up. We see that, on the basis of two examples.
For the first time that bitcoin is in the $ 10,000-crossed in december of 2017. Then, it took me about seventeen days prior to the race to the summit of the 19.600 dollar a shot. That is almost double that of that $ 10,000 prize!
What is remarkable is that a bitcoin is, this increase is only employed once in the course of the day and ended up with the $ 10,000 prize. For this, bitcoin is the two “failed” attempts have been made to $ 10,000 to tear down. You can see that the first and the second candle on the chart. At that time, it was at this level was a strong resistance.
The second time was in June of 2019. This is when the top is reached earlier, but the increase is less spectacular. But it’s still nice when you have exactly bought bitcoin in the $ 10,000 break. In as little as five days and increased the value of bitcoin by nearly forty percent!
The Golden cross is slowly coming into view
In the graph, we can see something very positive impact on the bitcoin price. There seems to be a soon to be a golden cross, and it is one of the book is a very good sign. A golden cross is a cross between two Moving Averages, which are often of a structural appreciation in the value slider.
A Moving Average (MA) the moving average of a price over a certain period of time. In the chart below, you can see the 50-day MA in red, and the 200-day MA in green. Rise of the red line is above the green line? Then, would you call that a golden cross.
On the graph, you can see that the red line is well on its way to the top of the green line to get out of it. The last time that happened, it was the beginning of a significant rise in the direction of 13.800, the $ 12.600 million).
It is the opposite of a golden cross is a death cross. Well, that sounds really intense, but I have used the phrase ” not a made-up story. At the death a cross into the 50-day MA below the 200-day MA. And that’s usually a sign that the market for a long period of time can be decreased.
In the chart above, you can see that the death cross is in the fall after from $ 10,000 to $ 3,000 (2.700€). The second death, the cross was not heavy, and there came down bitcoin by 27 per cent to 6,500, the $ 5.800 million).
What can be the price to expect?
What! Is bitcoin is $ 10,000 or not? We get, first, a correction to a capacity of 9,500 dollars, or increases the rate directly? Because the ball is round, we will describe two scenarios, bullish (positive) and bearish (negative).
Bullish
We are now the place to be! A couple of hundred dollars prior to bitcoin, the $ 10,000 (9.120 euro) to be reached. This is the first resistance that bitcoin needs to overcome.
After that it is $ 10,500 (of 9,600 euros), and a realistic opposition. That is, the upper end of the channel, when a single bitcoin at the same rate it grows.
Bearish
But what happens if bitcoin drops? Comes with 9,500, the $ 8.700 euro) in the picture on the chart, as indicated by the blue line. This was the last summit of the bitcoin, which is now the support should be.
And does bitcoin even have that, then the 200-day Moving Average as support. This is often the last resort in a bull market like this one. The line is now 8.840, the $ 8.070 million).