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Bitcoin has climbed back up to $10,000

Bitcoin has reached 2-week highs and at the time of writing it has already surpassed the $10,000 level. It is actually at $10,165. What does it imply?

Though a bullish trend is more likely, and we will elaborate on that below, analysts are reminding us that Bitcoin just like every coin has two sides, and a bearish scenario is also possible (as almost always): If Bitcoin failed to get to a stable value around $10,000 today, and if that were followed by a daily close below $7,851 (that was the February 11th low), unfortunately that would verify a bearish prediction which would mean that a deeper sell-off could commence to as low as $6,000.

But luckily it looks rather like a bullish scenario. If you look at the charts you can see Bitcoin’s bullish breakout as it is rising over $10,000. It marks the highest level since the beginning of February. Looking at the past 40 days, BTC’s increase has reached over 60 percent, out of which more than 12% has been accomplished in the last 24 hours.

These data help letting fearful thoughts go about Bitcoin crashing or making a sideways move. It seems that BTC keeps following the yearly trend since 2015: February is considered a good month.

Other major coins are also doing well: Litecoin has improved by 28 percent in the last 24 hours, Ethereum, Ripple, Stellar and NEO are all up at least 8 percent.

If we approach recent developments from an analytical point of view, we can examine them through the lens of the the 5-week and 10-week moving averages, and then analysts are right to warn us about potential bearish signals, saying that Bitcoin is likely to rally to $11,000, however it’s questionable whether it can remain steadily over $11,000.

At the same time, we can look at what has been going on by drawing conclusions on the basis of the 5-day and the 10-day moving averages (instead of the 5-week and 10-week figures above). We can say that BTC has moved above the resistance point at around $9,180. The moving averages are going up: both the 5-day and the 10-day moving averages suggest a bullish trend. So, Bitcoin is kind of ready to test $10,000 as it has already left it behind by the time we are reading this and there’s good chance for reaching $11,000 real soon.

 

Source: https://www.coindesk.com/

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