Bitcoin price recently bounced off from 9100$ support area after a drop from 9600$, and currently trading above 9300$. Bitcoin is looking bullish on Lower, and Higher time frame charts and Price should hit 10000$ this week.
Let’s discuss technicals that suggest 10000$ is next for Bitcoin.
Bitcoin price is in an uptrend channel
Bitcoin price is trading in an uptrend channel. Channel resistance is sitting at around 10200$, and support is at just below 8800$. Bitcoin can test channel resistance at 10200$ before any significant drop towards channel support below 8800$.
Golden cross formation
The golden cross formation has appeared on the Daily timeframe chart yesterday, Golden cross appears when 50 Moving averages meet over 100 Moving averages.
Last time, a similar pattern appeared in March last year, Bitcoin reached 14000$ after three months, recorded a 280% gai
Looking at technicals, we are expecting Bitcoin to reach above 10000$ this week.
Must Read- https://itsblockchain.com/cryptocurrency-market-weekly-update-3/
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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