Bitcoin Breaks above $10k Mark, Attempts to Break Resistance at $10.5k

The king coin has made a sudden rise on July 26, breaking the next resistance before $10,000. BTC rallied to $10,200 but pulled back to $9,980.

Today, the bulls have recouped as the coin marginally trades above $10,000. This will be the fourth time; BTC will be trading above the $10,000 mark. In the previous encounters, the bulls could not sustain the bullish momentum as a result of overwhelming selling pressure. Before now buyers have been making frantic efforts to break the $9,650 resistance. The coin resumed upward move after breaking the initial resistance. 

There was a strong bound above $9,700 as the coin rallied to break the next resistance and reached the $10,200 high. Today, the bulls are sustaining the momentum above the $10,000 mark. On the upside, if the bulls rebound again above $10,000, the price will break the $10,500 resistance and rally to $11,500. The price will continue its acceleration to the $12,000, if the bulls are successful. Conversely, if the bulls fail to sustain above the $10,000, the bears will take advantage to resume selling as the coin is in the overbought region of the market. BTC is trading above $10,200 at the time of writing.

Bitcoin indicator reading 

The king coin is at level 72 of the Relative Strength Index period 14. The coin is now trading in the overbought region of the market. Sellers may resume in the overbought region. However, in a trending market, the overbought or oversold conditions may not hold. The market will continue its rise as long as price is above the EMAs.

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7, 000, $6, 000, $5,000    

What is the next direction for BTC/USD?

The king coin has risen above the $10,000 mark as bulls battle to sustain the uptrend. To ensure continuity of the uptrend, the bulls have to break the resistance at $10,500 high. In the previous encounters, BTC has come close to $10,400 resistance. A break above the $10,500 resistance will accelerate price movement on the upside.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.