After a sharp decline at the end of september, it seems that the price of Bitcoin will be strong enough to rise above $8,000 to keep up. We’ve seen the last couple of days and a steep increase to a $8.600. It seems to me that you have a good support team is being formed which will also serve as a safe to the bottom.
However, it is a short-term test of the $8,000 cannot be excluded, and this seems like a likely move. The interesting weeks are going to be the course: we are going to get back in the direction of the magical level of $10,000, or not?
Bitcoin (BTC) analysis
After a few days, and to have consolidated at around $8,000, has the Bitcoin (BTC) is an interesting move, up to a total of $8.600 made. The purchasing power parity turned out to be a strong factor, despite the fact that several indicators are showing that the bears are stronger for it.
This is a win and you receive a confirmation of a strong bottom. It can also be to point out that we currently do not have prices in the $8,000 to go and see it. But that’s not to say that it is a possible test of that level is not possible.
Indicators show that the rack is out and we are in a consolidation will need to your way to the top again, and moving on. If the current level is not in a position to hold, then a retest of the $8,000 to support is likely to be.
It is easy to see in the chart below. This also shows the strong resistance level at the moment at $8.700. This is because it is the main R78 weekly Fibonacci pivot level. That level, like I said earlier, it is often an indication of where the reversals occur.
Bitcoin hourly chart of October 10, 2019Mocht for the course on this level, to continue to hang on to it close, and the new pivots are the cause, then we are very likely to be a new movement to go up and see.
It is because of this level, a reversal let’s see, looks like a retest of the current support is more likely. Moreover, the momentum indicators are heavily overbought, which points to, or consolidation or for a temporary change.
The road to the $10,000 there?
At the same time, seems to be the way in the direction of the $10,000 still there. It is too early, and there are several strong resistance levels and where the Bitcoin is to go through break in, but in the lower timeframes show to see a move upward on the short term, it is also possible in that case.
This will make sure that it is strong and R78 level is broken it may be. The break of this level allows for a continuation move up, as well as, of course, if the price is right here on the higher timeframes above, it’s closing time.
Bitcoin 30m chart as of October 10, 2019 at the latest
Make sure that there’s something that you can request right away for $10,000? No, actually, there are several strong resistance zones before applying for the course in that region, in that area.
If the current resistance is broken, it is $8.800 one more thing-before-the $9,000 each, are broken can.
A break above the $9000, which may be used as a very strong bullish will be given. If the price is still lower then the zone will be between $7,500 and $8,000 was still a very, very strong support, which does not readily break up.
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