With Bitcoin holding above $10,000 we can start to look at new support and resistance levels as well as a new price target.
For now $10,500 is the current resistance level(red dashed) and that price point stems from the massive two-day price spike back in late October 2019 which saw price jump $3k from $7,500 to $10,500, with $10,500 acting as current resistance again and the level that price needs to beat in order to see more gains.
Bitcoin continues to move upward within a rising trend channel(orange) and is currently trading near the center of the channel. Any pullback needs to hold above the lower line of the channel to keep the uptrend in play, but the ultimate level price needs to hold above to maintain bullish sentiment is the dashed blue line which stems from the most recent "base" that price made before pushing to new local highs. With my trend-trading strategy, stop-loss orders are always moved up to the most recent base each time a new local high is made as the base indicates the most recent level of demand; any violation or breach of the base would indicate that buyers no longer see that level as an area of support thus potentially handing the trend over to bears.
For now the trend looks to remain in the hands of bulls so I'll continue to look for upper targets, and the current upper target for price is near $11k which is where the upper line of the trend channel rests, as well as a resistance level(solid red) which has been a level of support and resistance going back to mid-2019.
The PPO indicator below the chart is showing price in a healthy uptrend with both the PPO(green) and its signal line(purple) both above the 0 level. The PPO has also formed an ascending triangle pattern with a flat top and rising lower line. The expectation here is that price will break above $10,500 resistance and the PPO will break bullish up and out of the triangle thus indicating a continuation of upward price trend.
In short: price needs to make a move above $10,500 in order to sustain short-term upward momentum. Upper target is $11,000. Stop-loss level is just under &9,000.
For now $10,500 is the current resistance level(red dashed) and that price point stems from the massive two-day price spike back in late October 2019 which saw price jump $3k from $7,500 to $10,500, with $10,500 acting as current resistance again and the level that price needs to beat in order to see more gains.
Bitcoin continues to move upward within a rising trend channel(orange) and is currently trading near the center of the channel. Any pullback needs to hold above the lower line of the channel to keep the uptrend in play, but the ultimate level price needs to hold above to maintain bullish sentiment is the dashed blue line which stems from the most recent "base" that price made before pushing to new local highs. With my trend-trading strategy, stop-loss orders are always moved up to the most recent base each time a new local high is made as the base indicates the most recent level of demand; any violation or breach of the base would indicate that buyers no longer see that level as an area of support thus potentially handing the trend over to bears.
For now the trend looks to remain in the hands of bulls so I'll continue to look for upper targets, and the current upper target for price is near $11k which is where the upper line of the trend channel rests, as well as a resistance level(solid red) which has been a level of support and resistance going back to mid-2019.
The PPO indicator below the chart is showing price in a healthy uptrend with both the PPO(green) and its signal line(purple) both above the 0 level. The PPO has also formed an ascending triangle pattern with a flat top and rising lower line. The expectation here is that price will break above $10,500 resistance and the PPO will break bullish up and out of the triangle thus indicating a continuation of upward price trend.
In short: price needs to make a move above $10,500 in order to sustain short-term upward momentum. Upper target is $11,000. Stop-loss level is just under &9,000.