Bitcoin now looks Set to hit the 10,000 Dollar Mark After Bull Breakout
Bitcoin looks ready to break the 10,000 mark or even move higher over the weekend following a bull breakout last night. Yesterday the most popular digital currency closed at 9,759 dollars on Bitfinex which is the highest range since March 7th signaling an upside break of the anticipated week-long narrowing price all investors have been anticipating.
The move yesterday clocked a two-month high of 9,875 dollars. The currency is moving with the right focus to hit the 10,000 mark which has been hard to break since February. The bulling setup is indicated in our chat as illustrated below.
Even though the price slightly dropped today Bitcoin is showing great momentum and before Monday investors could be smiling after a very successful weekend. The chart above shows Bitcoin’s breakthrough yesterday, and it’s a 4-hour chat showing Bitcoin it trading above the 9,000 mark. Previously the digital currency has remained resistance at the 8,000 dollars failing to break through.
In the last 24 hours, there have been overbuying conditions but it may be hard to Bitcoin to hit 11,500 during the weekend as predicted by some analysts and the more realistic target would be 10,455 dollars.
There has been a five-day ascending bullish average and 10 days MA which also favor an upward movement of Bitcoin. In the meantime, the RSI has been stationed at 62 far below the 70 mark which leaves a room for a rally between 10,400 and 10,500 dollars. According to further analysis, Bitcoin is ready to test the 200 day MA resistance of the 10,015 dollars, and any mover above this mark would strengthen the bull grip which would yield a sustained rally of 10,455 dollars and above.
However, the outlook will remain bullish as long as the Bitcoin prices continue the ascending 10-day MA currently at 9,290 dollars.