Happy new month and new week to you. We seem to be starting the new month in grand style as bitcoin price gathers momentum again towards the upside. After all, it seems the proposed $10,000 target might still be possible. Last week we were faced with 2 conditions of either being bullish or bearish. The market showed us a bullish regular divergence which caused bitcoin price to move up. Now we have had our second condition met by bitcoin price crossing the resistance, $9,323, and has retested the level again making it support. The MACD histogram has shown that high volatility is incoming. This will initiate a MACD cross that should make bitcoin price surpass $9,913 and then head towards $10,378. In summary, bitcoin is still bullish and should hit the $10,000 target this week.
Looking at the technical indicators:
Major Support Level – $9,323
Major Resistance Level – $9,913
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