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Bitcoin To $10,000 This Month?

May 03, 2018 2:47 PM ETBTC-USD7 Comments
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Crypto Analysis


  • After hitting a double bottom at the $6,500 level, many believe that the Bitcoin bear trend may be over.
  • Bitcoin has surged over 40% in just the past month.
  • The next resistance is at $10,000.but will Bitcoin surpass it?

Double Bottom

After hitting a double bottom at the $6,500 level support, Bitcoin has since surged in the past months. In less than just 30 days, it's since soared more than 40%, leaving investors who got in early at a very distinct advantage.

Despite the recent surge in the blockchain-based cryptocurrency however, many are skeptical. Despite this, I'm convinced Bitcoin will easily hit $10,000 this month, and potentially even go higher. This prediction is based off of a number of technical indicators as well as a series of momentum indicators.

$9,000 Holding Strong

After finally hitting a local low at the $6,500 support, it seems that Bitcoin investors have regained their confidence in the granddaddy of all coins. In just 30 days it's shot up 40%, but what's more impressive is the critical level of $9,000 holding up strong.

During the week of March 20th, crypto bulls desperately tried to push the price of Bitcoin above $9,000 - but as the chart below indicates, after several days of intense fighting with the bears, their attempt failed.

After struggling at the $9,000 level resistance for nearly 4 days straight, the bears finally took over and shot the price of Bitcoin down to a double bottom of $6,500 marking a loss of nearly 30% in just 11 days.

Since then however, bulls have pushed the price back up to the $9,000 mark and it seems to be holding very strong. This is a very good sign for the price of Bitcoin, as the next resistance level is at $10,000 and as we're about to see, the analysis indicates that it will cross this threshold very, very soon.

Stochastic RSI Analysis

When analyzing a cryptocurrency, or any asset for that matter, taking into account the longer term trends is absolutely paramount. With this in mind, when we

This article was written by

Crypto Analysis profile picture
After gaining a 30 percent gain from investing in KORS during 2013, Jon knew that the markets were his calling. Since investing in cryptocurrencies beginning in 2016, his life has absolutely changed for he better, and now he strives to share his thoughts with others.

Analyst’s Disclosure: I am/we are long BTC-USD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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