Bitcoin surpasses US$8,500 barrier

Juan Aponte by Juan Aponte - 07:07 AM Oct 10, 2019

The last 24 hours have been positive for the cryptocurrencies; Bitcoin stands out surpassing the barrier of 8,500 USD. Check out our Bitcoin analysis.

A new bullish momentum is evident in Bitcoin's price, but will it continue to rise for longer? In this article, we will be analyzing Bitcoin to find out the reason for the increase in its price and forecast movements for the next few days.

Bitcoin has achieved a yield of 4.54% in the last 24 hours, reaching a price of 8599.07; in turn, Ethereum and Ripple have also had a good day.

Bitcoin rompe la barrera de los 8.500 USD. En la imagen, las principales criptomonedas según CoinMarketCap.

Bitcoin breaks the 8,500 USD barrier. In the picture, the main cryptocurrencies according to CoinMarketCap.

What do the charts say, will Bitcoin continue above 8,500?

As we expected in Bitcoin's prediction article, the price is looking to test the broken $9,250 zone, then make a bearish impulse.

The consolidation located on the psychological support of the 8.000 dollars is being broken in an upward way.

When I began to see the graphs to perform the Bitcoin analysis, I noticed that in the daily temporality still does not notice a volume that affirms a bullish momentum, however, when lowering temporality can be seen as candles of 1 and 4 hours begin to show an active break in the consolidation.

After the break it is making, it is expected a small setback that now confirms a new move to 9250-9350.

This bullish impulse that Bitcoin is making is nothing more than a necessary retracement if the major temporalities are seen; because after the break of the support of the descending triangle, a downward trend was confirmed that could extend up to 5,000 dollars or less.

Análisis y pronóstico de Bitcoin. Gráfico diario de BTC/USD

Bitcoin analysis and forecast. BTC/USD Daily Chart

In the 4-hour time frame, you can see how a bullish break candlestick with good volume has already closed. The fast-moving averages are crossed in favor of an upward movement, and the moving average of 200 periods is above, precisely in the zone that I hope will serve as resistance.

Gráfico de 4 horas BTCUSD. Análisis Bitcoin

4 Hour BTCUSD Chart

In the 1-hour time frame, the bullish momentum is quite clear. 2 resistance breaks can be observed, while all moving averages are in favor of an upward movement.

After the break of consolidation, it is essential to wait for a reversal that validates this movement. The 1-hour candlestick chart may be an excellent place to wait for the necessary retracement.

Gráfico con velas de 1 hora, BTCUSD. Análisis Bitcoin

Chart with 1-hour candles, BTCUSD

To conclude, the current bullish movement has been expected by many of the technical analysts who roam the web, providing projections, including me.

However, most agree that it is only a necessary move before making a new stronger bearish momentum; so hoping for a steep rise in the Bitcoin price is not recommended yet.

About The Author
Juan Aponte

Juan AponteI am an industrial engineer specializing in blockchain. Enthusiast of cryptocurrencies and writing the latest news regarding the Crypto world.


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