Bitcoin Is Likely to Test $10,500 in the Near Future: Technicals
Bitcoin is primed to move towards $10,500 in the near term, one cryptocurrency trader said. He published the chart below on August 21st, noting the divergence that has formed between Bitcoin’s price and the relative strength index and AO indicator.
Chart of BTC's price action over the past few months with a divergence analysis by crypto trader "Edward Morra" (@Edwardmorra_btc on Twitter). Chart from TradingView.com
Bitcoin formed a similar bearish divergence at the peak of the last medium-term bull trend at the start of June. Should history repeat, the leading cryptocurrency will enter a consolidation from here, not re-enter a bear market.
Price Must Hold This Level to Maintain the Uptrend
Bitcoin must hold $10,500 if it revisits that price region, analysts have said. This is because $10,500 is a pivotal level for Bitcoin from a technical perspective; one analyst even went as far as to say that BTC losing that region could lead to a macro retracement to the $3,000s.
Chart of BTC's recent price action by crypto trader Flood (@ThinkingUSD on Twitter). Chart from TradingView.com
The reason why analysts have assigned such importance to $10,500 is two-fold:
Photo by Sam Moqadam on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Why Bitcoin Is "Most Likely" Going to Test $10,500 in the Coming Days
Originally from Bitcoinist.com https://ift.tt/34o9ttL
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