Bitcoin Price Analysis: Bitcoin Could Reach $11,000 In Days : Price Analyses

Bitcoin Price Analysis: Bitcoin Could Reach $11,000 In Days

Bitcoin Support and Resistance Areas

  • Support 1: $9,689.78
  • Support 2: $9,227.18
  • Resistance 1: $10,399.73
  • Resistance 2: $10,647.08

Bitcoin is currently trading above its first and second resistance levels and looks to be eyeing further gains. The coin broke through these levels along with a 50% retracement from its 13-week high low. Additionally, when the coin moved above $10,500 the coin crossed above its medium-term 40-week moving average.

In terms of momentum, RSI is pointing upwards and still has a lot of room to go before it reaches the overbought territory. For these reasons, it’s expected that the resistance levels at $10,399.73 and $10,647.08 will hold as future support levels. If the bulls have their way, we could see a test of the $11,000 psychological mark as the coin moves to its third resistance level.

If prices cross above the $11,000 mark it will be a 38.2% Fibonacci retracement from a 4 week high, thus making it a realistic goal. Beyond $11,000, if bitcoin reaches $13,159.18 the RSI will still not be overbought at 70%.

Bitcoin Medium-Term Price Analysis

Zooming out to the weekly graphs and we can see that it has been struggling to stay above $10,000 despite a promising rally. Looking at the Ease of Movement Graph (EOM) that measures price change in relation to volume, we can see a perceptible battle between bulls and bears before finally pointing upwards. The graph shows that there was little resistance leading up to the $10k rally and that bulls have come back into the saddle over the medium-term.

In terms of longs and shorts, the battle is evenly matched according to Longs currently compose of 53% of the market while shorts cover 47%.

Matthew North

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