Bitcoin breaches more resistance levels as the coin finally attains the $10,000 mark. The bulls broke the $9,800 resistance and reached a high of $10,150. Bitcoin is facing resistance at the current price level.
Before the current resistance, it has earlier been anticipated that if the bulls overcome the resistance at $9,600, the price will rally above $10,300. Bitcoin fell to a low of $9,100 and rebounded to a high of $10,150.
The bulls are facing minor resistance at $10,150. The next target of the bull is the $10,360 where it will face greater resistance. In September, Bitcoin was in consolidation above $10,300 for three weeks in a bear market. The market fell to a low of $8,000 after consolidation. Nonetheless, Bitcoin is in a bull market, and we expect the coin to reach the next target price.
Since February 4, BTC has been trading above the 80% range of the daily stochastic. BTC is in a strong bullish momentum. The coin is also in the overbought region of the market. It implies that buying has been overdone in that region. There may be a lack of buyers to push the coin upward. Incidentally, the region has generated sellers who will push the coin downward.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
Interestingly, the bulls have successfully pushed BTC close to the target price of $10,360. What happens is that the bulls have to sustain the momentum above $10,000 so that the next target can be achieved. The market can be said to be in a strong momentum if the price above the 80% range.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.