Bitcoin Highly Bullish Despite Correction; Here’s What Could Propel it to $10,000

Aayush Jindal

1 year ago

2 mins read

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Bitcoin is trading in a solid uptrend above the $8,400 and $8,800 support levels against the US Dollar. BTC is rising and it looks set for a larger rally above $9,500 and $9,800.

Bitcoin corrected lower from the $9,480 swing high and tested the $8,400 support zone.
It is likely to continue higher and it could rally above the $9,500 resistance.
There is a major bullish trend line forming with support near $8,950 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could correct a few points, but dips are likely to remain limited below $8,950.

Bitcoin Could Rally Past $10,000

This past week, bitcoin rallied more than 20% and broke the $9,000 resistance against the US Dollar. BTC price traded as high as $9,479 before starting a sharp downside correction.

There was a drop below the $9,200 and $9,000 support levels. The price even declined below the 23.6% Fib retracement level of the upward move from the $7,357 swing low to $7,479 high.

Finally, bitcoin price spiked below the $8,500 support, but the bulls protected the $8,400 level. It tested the $8,420 level and remained well bid above the 100 simple moving average (4-hours). It seems like the price found support near the 50% Fib retracement level of the upward move from the $7,357 swing low to $7,479 high.

It is currently rising and trading above the $8,800 and $8,950 resistance levels. There is also a major bullish trend line forming with support near $8,950 on the 4-hours chart of the BTC/USD pair.

An initial resistance on the upside is near the $9,200 level. A successful break above the $9,200 level could lead the price towards the $9,479 high or the $9,500 resistance level. Any further gains may perhaps call for a move towards the $10,000 resistance.

Downside Correction

If bitcoin fails to continue above the $9,200 resistance level, it could correct lower once again. On the downside, there is a major support forming near $8,950.

If the bulls fail to keep the price above the trend line support, it might decline towards the $8,400 support. The next major support is near the $8,000 pivot level (the previous breakout zone).

Technical indicators

4 hours MACD – The MACD for BTC/USD is about to gain pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.

Major Support Level – $8,950

Major Resistance Level – $9,500

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Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.