Bitcoin Bulls Holding Momentum Above $10,500 – Will Strike Higher?


Bitcoin has become volatile and currently residing inside the ranges of $10,500 to $11,000 area. Bitcoin bulls holding momentum above $10,500 psychological area. Will strike higher? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.

October 8, 2020, | AtoZ Markets – Bitcoin price just failed similarly as US President Donald Trump broken expectations of the stimulus cycle two. In only a short ways from the time the President tweeted, the price of the leading cryptocurrency plunged $200. Bitcoin is currently trading around $10,600 area and trying to decline. The price is still residing below the dynamic level of 20 EMA on the intraday chart. As per the current price action, BTC may face strong support at the rising trend line in the coming days.

Bitcoin Bulls Holding Momentum as the Investors Are Optimistic

BTC is currently residing near $10,600 area and trying to push lower. However, the price has retested $10,500 area several times and again trying to push downside may retest the level again in the process.

Bitcoin Bulls Holding

Image: Bitcoin 4 Hour Chart

According to the 4-hour chart, Bitcoin bulls holding momentum and currently trading around $10,600 area. As per the current price action, if the price pushes down towards $10,500 t0 $10,400 support area and bounces upward with an impulsive bullish candle close, the bulls may regain momentum and recover higher towards $11,000 to $11,100 area in the coming days. Alternatively, if the price declines and breaks below $10,500 to $10,400 support area with an impulsive bearish candle close, the bears may push the price downside towards $10,000 to $9,900 area in the days ahead.

In addition, the dynamic level of 20 EMA is currently residing above the price. It may work as strong resistance to push the price downside. So, if the price breaks above the dynamic level with an impulsive bullish candle close, the bulls may regain momentum in the process. Besides, the MACD lines are currently residing below 0.00 level and gradually moving upward, which indicates that bulls may sustain the bullish bias in the coming days.

BTC Bullish Trend May Sustain Further

According to the daily chart, Bitcoin bulls holding momentum as the price still remaining above $10,000 area. As per the current price action, if the price can break above the dynamic level of 20 EMA with an impulsive daily bullish candle close, the bulls may recover higher towards $11,000 to $11,000 area as a first target. The second target will be $12,300 to $12,500 area if the price breaks above $11,000 to $11,100 resistance in the coming days. In contrast, if the price pushes lower and breaks below $10,500 to $10,400 area with an impulsive daily bearish candle close, the bears may decline towards $10,000 to $9,900 area in the days ahead.

Bitcoin Bulls Holding

Image: Bitcoin Daily Chart

Furthermore, the dynamic level of 20 EMA is still remaining above the price, which may work as strong resistance in the process. However, the Stochastic Oscillator lines are currently residing above the oversold level 20 and gradually moving upwards. It indicates that bulls may sustain the bullish pressure further in the coming days.

To conclude, as long as the price remaining above $10,000 psychological support area, the bias will remain bullish. An impulsive daily close is required to identify the definite momentum in the coming days. 

    Share Your Opinion, Write a Comment