BITCOIN FORECAST: BTC PRICE ECLIPSES $10,000 – WILL THE CRYPTO RALLY CONTINUE OR REVERSE?Bitcoin has skyrocketed practically 50%
BITCOIN FORECAST: BTC PRICE ECLIPSES $10,000 – WILL THE CRYPTO RALLY CONTINUE OR REVERSE?
- Bitcoin has skyrocketed practically 50% year-to-date after holding a vital technical assist degree
- BTC worth motion has potential to proceed its advance after the crypto-currency topped the psychologically-significant $10,000 mark, however a broader downtrend
- Take a look at this text on Bitcoin Day Trading for key perception on BTC buying and selling methods
Bitcoin costs have soared 60% since printing its December 18 swing low and places the crypto-currency on tempo to be the perfect performing asset year-to-date because it was in 2019.
I highlighted Bitcoin two months in the past as a candidate for potential 2020 breakout trades, however can BTC worth motion delay its upward ascent after climbing again above the $10,000 deal with?
BITCOIN PRICE CHART (BTC/USD): WEEKLY TIME FRAME – OCTOBER 2017 TO FEBRUARY 2020
Chart created by @RichDvorakFX with TradingView
The zone of technical resistance round $10,000 is underscored by the late-October highs recorded final yr.
This space of confluence can be highlightedby the 38.2% Fibonacci retracement of its buying and selling vary for the reason that blow-off prime late 2017 and is detailed on the weekly Bitcoin chart above.
With the 10Ok degree now within the rearview, the worth of bitcoin may proceed marching larger towards its subsequent potential resistance…