Cryptocurrency

Bitcoin under $10K, but: the end of the week candle, this indicates that the rally is real

Bitcoins visit within the five-digit range at the weekend, was expected by most. A higher weekly candle does, however, support the assumption that the rally is real, and further gains are to be expected.

A new high for 2020

Bitcoin has reached 10,200 dollars is already a new high for the year 2020. This is the highest price since the increase in the end of October, which was triggered by the public Blockchain-praise the Chinese President.
Prior to that, the Bitcoin price was at the end of September last at about $ 10,000, so the most recent step marked a four and a half-month High. Since the beginning of this rally in mid-December, Bitcoin has risen to 54 percent.
According to Tradingview.com BTC trading now well above the moving 50-day and 200-day average, as the increasingly upward trend. The weekly candle is also interesting because it signals a new, higher High – which is another strong sign that the rally is real.

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Then, in October, the candle closed at its peak, suggesting that FOMO has driven the dynamics of the China-effect. This time it is different, since the gains were slow and steady – this has led to a strong end of the week, the fourth this year.
The 10,000 Dollar mark is psychologically important, because Bitcoin has spent so little time there. The popular crypto-currency investor “Ceteris Paribus” (@ceterispar1bus) has recently pointed out in a Tweet on it:

Where are the Bitcoin prices next?

Analysts expect further price gains. “Cantering Clark” (@cantering Clark), calculated five days in a row on greed and an increase to $ 10,500. Of course, after such a persistent movement upward is also a retreat in the four-digit range is expected.

“If I were a rock wall to climb, I would want me to constantly re-anchor. The same idea with assets is a base to build on.“

The next level of resistance is currently 10.800 dollars, but beyond that he could achieve with very little effort, up to $ 12,000.
On the low side could be $9.400 as a solid Support area, since BTC has recently and at the beginning of November and spent several days there. Since Bitcoin Chart is now on the weeks-to the higher Bollinger Bands, he could move back in the direction of the center before it continues upwards.

About the author

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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