The price of bitcoin has been growing over the past five days – according to CoinDesk Markets analyst Omkar Godboule, this will neutralize the short-term negative scenario, but leaves sellers room for maneuver. So, in order to restore a rally-friendly picture, it is necessary to close the UTC daily candle above $ 10,956, he added.
On Monday, the price of bitcoin rose by 6%, breaking through the downward triangle, which indicates the likelihood of growth. However, growth was not supported by high trading volumes, which from a technical point of view cast doubt on him.
Nevertheless, not the next day, quotes updated a 13-day high, and volumes reached the level of August 15. That is exactly what Godbowl is convinced that speaks in favor of further movement to the level of $ 10,956 within a day or two.
BTC / USD, 1D, CoinDesk Markets data
At the same time, on the daily chart, the MACD histogram crossed the 0 mark, the RSI indicator rose above 50, and the 5- and 10-day moving averages crossed in favor of buyers.
If the price fixes below $ 10,286 on the hourly chart, this will immediately strengthen the position of sellers on the weekly chart, as it will open the way to marks below $ 10,000, the analyst concluded.
BTC / USD, 1H, 1W, CoinDesk Markets data
On the weekly chart, a situation unfavorable for buyers is observed: the 5- and 10-week ones crossed in favor of sales, and the MACD histogram for the first time since February is below 0.
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