For the past few days, Bitcoin has been trading somewhere around the $10,500 mark. The price levels are beginning to form a good support. However, there are still questions that loom in the air. Whether there would be enough volume for Bitcoin to enter price levels that are upwards of $11,000 and break the key resistance?
A 1-hour analysis of Bitcoin
As per Cryptohopper review a rising support can be seen that has formed around the current market price. If this support does not stick around, the support could again go down to the $9,500 mark that was holding for some time. However, there is a very strong chance of the price levels going beyond $10,800. If this does happen, there are high chances that the price would go above $13,000.
50 MA and 200 EMA have crossed each other as the Bitcoin prices pass over the trend line of $10,000. MACD has lost momentum after rising upwards. If the MACD goes down, there is a chance that the rising support around the market price will break to the downside. The volume is sporadic as of present. The prices spike at times and then stagnate. If there is a need to sustain a breakout above $10,800, there should be an increase in volume and it should hold.
4-hour analysis of Bitcoin
Unlike the 1-hour analysis, the 200 EMA and 50 MA graph lines do not cross to the upside. However, if that happens, then a crossover of the moving averages would most likely happen at the same time. The Relative Strength Index has turned oversold even though price levels are holding very high.
Traders should look out for decreasing volume. If the price levels go below $9,500, many traders can be moving out in the hope of finding new range lows. Some of the other pullback targets could be $8,400 and $7,100. The volume that surrounds the current market is not enough to sustain any breakout. It is very much essential that the volume increases in the near future for a bullish rally to break out on Bitcoin. The key resistance or profit levels that one can hope for with some positivity are $11,100, $12,000 and $13,900.
There are plenty of people who are making an analysis on the same topic. Since the price of Bitcoins is rising steadily, many people are guessing that there would be a bull rally very soon. Based on the monthly lows, this bull rally can turn out to be pretty strong. Some people believe that Bitcoin prices would cross $20,000 by the end of this year.
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