By Davis Byrne (US)
The Bitcoin is marching towards an upward direction but with a slow pace of almost 2%. Thousands of eyes are stick to BTC about the next move. When taking a technical view of the chart, the weight is on the part of digital gold. It seems that the next target of the coin $10,000 is going to be a game-changer and will decide the fate of the coming price.
Consolidation Phase
It is worth noting that the trend line is still hovering above the 50-days moving average which means that price is out of bearish forces. The freedom from the bearish trend is an attitude that always helps in the bullish rallies of the cryptocurrency.
The 4-hours chart is predicting that digital gold is ready to show some big movement as the trend line is consolidating in the same zone from the past five days. The residing of BTC at the same level for consistent five days is an unnatural signal for bullish trend as there is enough momentum accumulated.
Price Prediction
To touch the mark of $10,000 bitcoin still needs to overcome the small resistance levels. The first resistance level will be present at $9,500 and, similarly, second and third resistance levels will hedge the pathway at $9,600 and $9,800. However, these hedges don’t have enough stamina to block the trending path.
The volume is steadily decreasing after the 42$% surge of the last week and the chances for the next move are also increasing. This is because, before the recent highest rally of the month, the volume was steadily decreasing. Other altcoins are also showing mixed movements: some are slightly decreasing and others are increasing.
Bitcoin and all crypto markets are greatly affected by the Chinese announcement to enter in the blockchain. And they will, of course, spend the millions for the innovation of blockchain. This will automatically lead to the progress of cryptocurrencies including the Bitcoin.
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