Bitcoin just hit the Five Digit Numbers and trading above 10000$. Bitcoin reached 10000$ after a gap of three months. We have predicted this price action in our weekly outlook and other articles.
Let’s look at Technicals to find out what’s next for Bitcoin
As mentioned earlier here, Bitcoin is trading in an uptrend channel. Channel resistance is at 10300-10500$, and the support of the channel is at 9200-9500$. Bitmex’s Open interest is currently above 110B$, which suggests a drop soon. The last cycle high was at 10340$, Bitcoin needs to break above 10340$ to make a Higher High price.
We believe, Bitcoin should drop soon after finding resistance at 10300-10500$, and the price could find support at 9200-9500$ after the drop.
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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