Bitcoin Price Analysis: What BTC/USD needs to reclaim the ground above $10,000?
Bitcoin resurfaces above $9,800 following a steady recovery from lows of $9,500.
Bitcoin is technically ready to pull towards $10,000 but the momentum indicator shows that fundamentals are not supporting.
Bitcoin bulls fight the effects of the price sliding below a rising wedge pattern. Recovery from lows at $9,500 has been steady. However, the momentum appears to have fizzled out at $9,800. The possible cross of the 50-day SMA above the 200-day SMA could further cement the bulls position and influence over the price. In other words, bitcoin still has the potential to return above $10,000.
Bitcoins immediate upside is capped by the 100SMA while the 50SMA will stand in the way of gains above $10,000. The slow stochastic oscillator suggests that the bulls are back in action. However, the momentum indicator signals that they still lack enough power to pull towards $10,000.
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Bitcoin lived through a horrible week. Since last Friday the first digital coin lost over 38% and at some pint tested area below $4,000. At the time of writing, BTC/USD is changing hands at $5,600, which is 18% higher from the beginning of the day.
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Bitcoin lived through a horrible week. Since last Friday the first digital coin lost over 38% and at some pint tested area below $4,000.
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