BTC is ready for its final push to 10k, but is it stable enough?
Hi all,
I hope you are all doing fine and you are in a good mood on Friday, ready for the weekend. But before that, let's have one more look at BTC this week.
The leading cryptocurrency is slowly, but surely making its way up again after the flash crash on Tuesday. The $9,500 support line was brilliant in preserving the uptrend and it survived numerous attempts in the last few days.
Yesterday, BTC managed to regain positions also above the upper-end of the support zone - $9,600, and remains stable above the 100-day EMA today (on 1-h chart).
Like we have said before though, the space between $9,600 and $10,000 is easy to fill but hard to hold.
It is clearly visible from the 4-hour chart that we are in an uptrend corridor, but bulls are struggling to capitalize on their good performance. They still lack the required momentum for one more push towards $10k and the diagonal resistance. Until this is achieved, I will remain on hold in terms of adding positions.
If buyers fail to print a new high and are pushed back down below the already discussed support area, I expect to see $9,300 and eventually $8,600-$8,700.
Regards,
I hope you are all doing fine and you are in a good mood on Friday, ready for the weekend. But before that, let's have one more look at BTC this week.
The leading cryptocurrency is slowly, but surely making its way up again after the flash crash on Tuesday. The $9,500 support line was brilliant in preserving the uptrend and it survived numerous attempts in the last few days.
Yesterday, BTC managed to regain positions also above the upper-end of the support zone - $9,600, and remains stable above the 100-day EMA today (on 1-h chart).
Like we have said before though, the space between $9,600 and $10,000 is easy to fill but hard to hold.
It is clearly visible from the 4-hour chart that we are in an uptrend corridor, but bulls are struggling to capitalize on their good performance. They still lack the required momentum for one more push towards $10k and the diagonal resistance. Until this is achieved, I will remain on hold in terms of adding positions.
If buyers fail to print a new high and are pushed back down below the already discussed support area, I expect to see $9,300 and eventually $8,600-$8,700.
Regards,
