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Bitcoin Primed To Test $10,500 as Bulls Take Over Crypto Market

Bitcoin Primed To Test $10,500 as Bulls Take Over Crypto Market

Bitcoin is up greater than 7% and it broke the $10,000 resistance in opposition to the US Dollar. BTC is displaying many bullish indicators on the day by day chart and it’s prone to check $10,500.

Bitcoin is gaining bullish momentum and it lately spiked above $10,000.
The present crypto market sentiment could be very constructive, suggesting extra upsides in direction of $10,500.
There was a break above an important bearish pattern line with resistance close to $7,800 on the day by day chart of the BTC/USD pair (knowledge feed from Kraken).
Ethereum and ripple are slowly gaining momentum, however they’re nonetheless beneath weekly resistances.

Bitcoin Rallies To $10,000
Yesterday, we mentioned the possibilities of a large rally in bitcoin if it breaks the $9,500 resistance in opposition to the US Dollar. BTC worth did surpass a couple of hurdles close to $9,400 and $9,500 to begin a big upward transfer.
It all began when the bulls managed to push the worth above the $7,800 resistance space and the 100-day easy shifting common. It opened the doorways for a pointy rise above the $8,000 resistance space.
There was additionally a break above an important bearish pattern line with resistance close to $7,800 on the day by day chart of the BTC/USD pair. Recently, the pair consolidated close to the $9,000 resistance, and the 61.8% Fib retracement stage of the principle decline from the $10,497 swing excessive to $3,892 low.
Bitcoin Price
The bulls gained energy, leading to a push above the $9,000 and $9,500 resistance ranges. Bitcoin even spiked above $10,000 and it’s now buying and selling above the 76.4% Fib retracement stage of the principle decline from the $10,497 swing excessive to $3,892 low.
It looks like the worth is prone to proceed increased in direction of the $10,500 swing excessive (fashioned in Feb 2020). Any additional positive factors may lead the worth in direction of the $11,000 and $11,200 resistance ranges within the close to time period.
Short Term Pullback?
In the brief time period, bitcoin worth may appropriate a couple of factors beneath the $9,800 stage. On the draw back, the primary assist is seen close to the $9,500 stage (the current breakout zone).
The most important assist is now forming close to the $9,200 stage, the place the bulls are prone to take a stand. Any additional positive factors could maybe name for a check of the $8,000 assist or the 100-day easy shifting common.
Technical indicators:
Daily MACD – The MACD is presently gaining momentum within the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for BTC/USD is now within the overbought zone.
Major Support Levels – $9,500 adopted by $9,200.
Major Resistance Levels – $10,200, $10,500 and $11,000.

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