Home Daily Analysis Crypto Market sentiment Bitcoin Above $10,000, The Bulls In Control!

Bitcoin Above $10,000, The Bulls In Control!

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Early morning, after playing for some hours with its latest resistance level, at 9,950 Bitcoin has pierced through it with a decisive impulse in a large hourly candle that drove its price beyond $10,000.

Bitcoin continued bullish the whole night in the eastern markets and, after bouncing in the vicinity of the $11,000 level now is trying to consolidate.

Weekly Chart


 

Looking at the weekly chart, we see that the “cup with handle” formation has been crossed to the upside. That shows a new bullish leg is starting. We should mention, also that the psychological $10,000 level was broken out with a large bullish weekly candlestick that shows a lot of bullishness.

If we look at the circles on the chart, we can see that in the last bullish cycle, after a bearish candle and posterior engulfing bullish candle, the price didn’t look back and went straight up to almost touching the $20,000 in four weeks. If history repeats itself, we could experience a similar price movement.

Support & Resistance Levels


 

On this daily chart, we can see an overview of BTC’s support and resistance levels. The new short-term resistance level to break is $10,948, which is a proxy for the $11,000 level. If the price breaks, it will try to reach $11,800, its next resistance.

The support level in case of a possible retracement will be between $10,000 and $9,950. If that fails, the next one is $9,000.

As we can see, the use of round-number key levels is common on the Bitcoin, so if you are trading it short-term be attentive to how price reacts to them.

Note: To better watch the charts please enlarge them clicking on the arrowed square at the top right.

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