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Is the Bitcoin price of $ 10,000 available again?

April 26, 2020

The Bitcoin (BTC) price keeps growing week after week as a further 9% has been added to its value since last Sunday.

If the block reward halves in a little over two weeks and mining difficulties increase another 5% in just over a week, is the bull market coming up? Or will the halving be another “non-event like” that resembles other published stories like Bakkt, institutional cash inflow or VanEck’s Bitcoin ETF?

Today I want to see a few different scenarios that I will see in the next week.

Is the Bitcoin price of $ 10,000 available again?Is the Bitcoin price of $ 10,000 available again?

Daily performance of the crypto market. Source: Coin360.com

The top of the channel

BTC / USD daily chart. Source: TradingView

Looking at last Sunday’s analysis, I shared two possible outcomes that I saw. The inevitable way to zero from the slow bullish routine at $ 10,000.

As you can see from the daily chart above, Bitcoin is following the green path and is currently at the top of the ascending channel. It is therefore to be expected that a slight retreat to one of the two price levels will await us if the slow and steady upward trend continues.

The average movement of the channel is $ 7,300. If this fails, support for this channel will be approximately $ 6,600. If you maintain one of these levels, you will continue to set $ 8,000 as a reasonable target for that date next week.

However, this upward channel was pulled to reflect the ongoing price movement of the previous upward trap. As a result, another scenario could be at stake, with Bitcoin’s price set at $ 10,000 early next week.

The canal floor

BTC / USD daily chart. Source: TradingView

In this channel, the current price is placed around $ 500 above the support of $ 7,120. This would bring the highest resistance first to the moving average of $ 8,440 and then to $ 9,800.

If we look at these two scenarios to find out which one will be overwritten, we can get a clearer picture of where the Bitcoin price could close at the end of the week, and $ 10,000 is quite possible if this happens.

In both cases, I lean higher because tomorrow I should see the long-awaited bullish transition on the weekly moving average convergence / divergence (MACD) indicator.

The weekly MACD indicator appears to be higher in a week from tomorrow.

The most reliable MACD signal

Weekly MACD chart of the BTC / USD pair. Source: TradingView

I am sure regular readers of my review are familiar with my views on the weekly MACD indicator, but I still like to summarize it when I mention it. The MACD line should cross the signal line up tomorrow. This is typically followed by a power movement by the king of cryptocurrencies, Bitcoin.

In March 2017, when the weekly BTC candle opened at $ 971, this led to a bullish super cycle that rocketed the price after a whopping 2,000% rise to $ 20,000 in just over nine months. MACD signaled the beginning of the great crypto winter in January 2018 with a bearish cross.

On February 4, 2019, the MACD was back, with another upward trend that led another exchange to rise 400% before a downward trend was signaled in August 2019.

So if you only trade Bitcoin based on the weekly MACD crossover, you will be considered a genius. So when I see a bullish cross on the table, I’m looking forward to the next possible Bitcoin move.

Is there an outbreak in Bitcoin?

1 hour BTC / USD pair table. Source: TradingView

In this week’s analysis, lower deadlines like Bitcoin’s 1-hour chart also indicate that an outbreak is imminent.

After the 10% jump in Bitcoin on April 23, the BTC / USD pair has consolidated for three days, driven by buying demand that coincides with selling pressure. If this continues, the stage will be prepared for a break in the next 24 to 48 hours, especially if the hourly candle closes above $ 7,700, $ 8,000 is expected as the next level of resistance. This opens the door to $ 9,800 before the end of the week.

However, if support fails at $ 7,550, the next opportunity to buy should be between $ 7,120 and $ 7,300.

The views and opinions expressed here are solely those of @official and do not necessarily reflect Cointelegraph’s views. Every step of investment and trading involves risks. You have to do your own research when making a decision.

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