Bitcoin is solidly bid on Tues and will take a look at the $10,000 mark within the next few days, chart analysis suggests.
Following a pointy value spike simply when time of day (UTC), the cryptocurrency rose to $9,308 on Bitfinex - the best level since March fourteen. At time of writing, BTC was commercialism at $9,291, up 4.2 % over the last two4 hours.
As recommended by the convincing move higher than the semipermanent down trend line and optimistic daily relative strength index, the bulls look to be firmly up to the mark.
However, on the thanks to $10,000, stiff resistance lies in wait around $9,280 and $9,800, as seen on the chart below.
Currently, BTC is commercially terribly near the resistance at $9,278 (23.6 % Fibonacci retracement of the drop from the Dec. seventeen high in Feb. 6 low). Further, $9,280 marks the neck of the pessimistic double-top pattern seen within the half-moon.
A notch higher, the 200-day moving average hurdle is lined up $9,808, whereas the March twelve high and January twenty three low of $9,900 may additionally persuade be obstacles to the bulls.
Elsewhere, each the 60-minute and 4-hour relative strength indexes (RSIs) Show overbought conditions, therefore associate degree argument may be created that a rally to $10,000 will not be sleek sailing.
However, an optimistic continuation pattern is seen on the 4-hour chart below, indicating scope for a rally to $10,250.
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Source: https://www.coindesk.com/bitcoin-faces-stiff-resistance-on-road-to-10k/
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