Bex500 School
Published in

Bex500 School

Bitcoin Stuck in $9K High Range — Will it Hit $10,500 in Next Step?

On May 11, Bitcoin’s 3rd “halving” finally took place with the years expectation of crypto traders. Investors expect that Bitcoin will increase significantly in price in the next few weeks. However, as we mentioned in last week, if Bitcoin price can stay above $8,000, or even $9,500, it will be more probably skyrocket to new all-time high by the end of 2020.

Last Sunday, right the day before the halving, a sharp plunge in Bitcoin price. In generally, miners have a huge impact on the market trend, as they can provoke a collapse of BTC price by selling bitcoin in a crazy way. This was done to cover more electricity costs

On the contrary, after the halving, the market began to recover. And Bitcoin price broke above $9,500 again, and surged up to $9,929.

As for investments in Bitcoin, the statistics over the past four years showed that wallets with a balance of less than 0.01 BTC (less than $ 100) showed an increase. The number of such addresses jumped by 235% over the past four years and exceeded 10 million. But the number of large amount holders holding more than 1,000 BTC have grown by only 13% over four years.

Technical analysis

On the daily price chart, the bulls are again close in tight to the resistance level of $10,000, and is gaining momentum. Another downward rebound is likely to occur, then, a powerful upward movement follows.

The MACD indicator histograms on the daily chart are ready to move from the negative zone to the zone above 0, which will also confirm the continuation of the upward trend. There will be some rebounds until the bulls are able to finally gain a foothold above $10,000.

Resistance levels

  • $9,800–38.2% Fibo retracement daily
  • $9,950-$10,000 — the highest level of the previous week, the upper line of the 4-hour Bollinger Band, Pivot Point 1-month Resistance 1, Pivot Point 1-day Resistance 1
  • $10,160 — Pivot Point 1-week Resistance 1
  • $10,500 — Pivot Point 1-day Resistance 3

Support levels

  • $9,500 — the highest level of the previous month, Pivot Point 1-day Support 1
  • $9,300–61.8% Fibo retracement weekly, Pivot Point 1-day Support 2, the middle line of the daily Bollinger Band
  • $9,000 — Pivot Point 1-day Support 3.

Disclaimer

The material herein is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell cryptocurrencies or derivatives. The material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store