analyst
After reaching the annual maximum, the price of the first cryptocurrency is likely to soon test the psychological mark of $ 10,000, says analyst at CoinDesk Markets Omkar Godboul.
According to the expert, the pressure from buyers is so great that any correction will be fleeting. At the same time, a pullback below $ 8000 and a radical change of mood in the near future seem extremely unlikely.
On this timeframe, there is a breakdown of the upper boundary of the Vimpel pattern, indicating a continuation of the trend. The goal of the upward movement may be the mark of $ 10,000.
Also attention is drawn to the high value of the indicator Chaikin Money Flow (Chaikin Money Flow, CMF), indicating that considerable pressure on the part of customers. The thesis of the significant predominance of the bulls is confirmed by the 5- and 10-day moving averages (MA) directed to the “north”.
On the higher timeframe, it can be seen that the renewal of the highs lasting four weeks in a row was accompanied by an increase in the CMF values. The pressure from the bulls in the present corresponds to the level of mid-December last year.
MA at intervals of 5 and 10 are also directed upwards, and a significant distance between the lines indicates a significant movement force. The RSI indicator is in the overbought zone, above the 70 mark.
In the near future, the price of Bitcoin can overcome the mark of $ 9000. Then an obstacle on the way to $ 10,000 will be the mark of $ 9442, corresponding to the level of 38.2% of the Fibonacci grid, stretched from the maximum of December 2017 to the minimum of December last year.
On the other hand, it is worth noting that, compared with the previous month, Bitcoin (BTC) grew by 65%. Consequently, there is a high probability that rational traders will soon begin to take profits. Thus, before reaching the mark of $ 9442, the price can be short-term adjusted to the range of $ 8000- $ 8390.
Recall that previously overcoming the $ 10,000 mark, which can be reached in the near future, was predicted by well-known trader Peter Brandt.
Publication date 28.05.2019
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