Bitcoin Price Analysis BTC / USD: Five Digits Incoming
Bitcoin has decisively broken its $8300 resistance, with the daily time frame pointing to $10,000 as a realistic target.
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- Bitcoin has a strong short-term bullish bias, with the cryptocurrency advancing to a new 2019 trading high
- The four-hour time frame is showing that a bullish inverted head and shoulders pattern has been triggered
- The daily time frame is showing that the $10,000 level is a realistic bullish target
Bitcoin / USD Short-term price analysis
Bitcoin has a strong bullish short-term trading outlook, with the BTC / USD pair advancing to a new 2019 trading high.
The four-hour time frame is showing that an inverted head and shoulders pattern has been triggered, with the BTC / USD pair now probing towards the $9,000 resistance level.
Technical indicators on four-hour time frame are bullish and continue to generate a strong buy signal.
BTC / USD H4 Chart by TradingViewPattern Watch
Traders should note that the bullish pattern on the four-hour time frame is showing the $10,300 level as its overall upside target.
Relative Strength Index
The Relative Strength indicator on the four-hour time frame is bullish, although it has now reached overbought conditions.
MACD Indicator
The MACD indicator on the four-hour time frame has turned bullish and shows scope for further upside.
Bitcoin / USD Medium-term price analysis
Bitcoin has an increasingly bullish bias over the medium-term, with the BTC / USD pair performing another major technical breakout.
The daily time frame is showing that the BTC / USD pair has moved above the neckline of a large inverted head and shoulders pattern, with the $10,000 level the next major resistance level.
Technical indicators on the daily time frame are bullish, although they are starting to appear overstretched.
BTC / USD Daily Chart by TradingViewPattern Watch
Traders should note that an even larger bullish pattern will form on the daily time frame if the BTC / USD pair trades towards the $10,000 level.
Relative Strength Index
The Relative Strength indicator is bullish on the daily time frame and shows scope for further upside.
MACD Indicator
The MACD indicator on the daily time frame is bullish, although the MACD signal line appears overstretched.
Conclusion
Bitcoin has performed a strong bullish breakout above the $8,300 resistance level after staging a rapid technical recovery from the $6,500 level.
Both the four-hour time and the daily time frames are showing that BTC / USD pair can trade much higher, with the $10,000 and $10,300 levels now becoming realistic bullish targets.
Our first ever coin guide was about Bitcoin, should you need a refresher.
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