- Bitcoin (BTC), at the time of penning down the analysis, continued to trade below $10,000 for the 5th day in the row
- BTC/USD continue to face the pullback as it currently trades at $9,833 on Coinbase
- The coin retains immediate support from the 10-day daily MA followed by 50-day and 200-day at $9,800, $9,100 and $8,800 respectively
- The 20-day Bollinger Bands assigned do not project any unpredictable volatility in the upcoming days
- BTC price trend spikes after the inverse head and shoulder formed on a 24-hourly chart
- There happens to be a “golden crossover” on a 24-hourly chart, and now the price is likely to rise above $10,000
Bitcoin price takes a halt from the rising trend as it hits below $10,000 for the 5th day in the row and is likely to spike as the 50-day MA crosses above the 200-day MA on a 24-hourly chart.
Bitcoin Price Analysis
Analyzing the BTC/USD price movement on Coinbase, we see that the coin has taken an unusual break from the rising trend even after the “golden crossover” on the daily chart. However, we expect the price of Bitcoin to rise above $10,000 in the ongoing week due to a “golden crossover” on the hourly chart as well. Supported by the inverse H&S, the BTC price trend reversed the bearish momentum of the bygone year until it had hit resistance at $10,500. The 20-day Bollinger Bands laid do not project any unusual volatility in the upcoming days, which is most likely to welcome a trading zone above $10,000 again.
The technical indicator assigned exhibits a bearish crossover as the Signal line crosses above the MACD line on a 24-hourly chart since the start of the previous week.
The RSI of BTC is at 53.81 and is not showing any trading extremities at present.