We have found the 5 figures: Bitcoin (BTC) has been showing good performance for almost a week now. We have been entitled to some 10,000 USD since the beginning of this year 2020 but, the BTC has not yet managed to go further.
The fragile 10,000 USD: where are the supports?
Bitcoin exceeded the $ 10,000 mark; the bulls have therefore been able to run up to the long-awaited 5 digits since the marked rise of July 21, 2020.
5 to 6 days of racing rewarded? Bitcoin has not been able to consolidate above $ 10,000 yet. The BTC is trading at $ 9,930 at the time of writing.
Bitcoin only benefit from supports over an hour above $ 9,000; 5 hour supports are currently below $ 9,900. Daily supports are at much lower levels, below $ 9,700.
Bitcoin May close at levels close to the June 10, 2020 close level. Today’s rise is still fragile, USD 9,900 may be short-lived. As for the resumption of the ascent above $ 10,000, it is still uncertain.
At this hour, it would be a risky bet to already see Bitcoin at its closing level of 1er June 2020, around 10,220 USD.
Do the bulls still have enough strength?
The 5-hour RSI (14) has reached a saturation level above 80; Bitcoin is largely overbought in this period.
The daily RSI (14) is at 69; a bearish reversal within 24 hours cannot be ruled out but, Bitcoin could still continue its ascent of a few hundred dollars.
The weekly RSI (14) is in a bullish zone and still has “good” room for improvement before a bearish reversal.
Bitcoin could continue its ascent above 10,000 USD and reach new annual highs this week but, the market could initially be bearish for 1 or 2 days, just to ease the current pressure which is exploding the RSI (14) over shorter periods, including the daily RSI (14).
Bitcoin is likely to break this week with old scenarios of the $ 10,000 attacks; Will the bulls take their chance this time around to consolidate at levels well above $ 10,000 or will we have to settle for a “simple game discount”?
Litecoin, welcome in the Silver Age