Is Bitcoin Getting Ready for $10K or $8K?

November 3, 2019 By: Lorenzo Stroe

Bitcoin has seen one of the biggest bounces in its history after climbing from $7361 to $10370 within 24 hours. Currently, BTC is experiencing a healthy consolidation on the daily chart. The bulls seem to have set a higher low at $8913, however, they need more volume in order to confirm it.

The EMAs are still untouched after the bull move and will only act as support if the bulls cannot hold $9000.

The 4-hour chart is back in favor of the bulls who are looking to break above the resistance of $9405. BTC is currently trading above both EMAs which are currently still crossed bullishly.

The weekly chart is still in a downtrend but the bulls do have the upper hand currently. They are looking to set a higher low compared to $7300 and then break the recent high to confirm an uptrend.

The monthly chart remains in control of the bulls as they are looking for the uptrend continuation. Bitcoin halving is approaching and most analysts believe it will affect the price, even now. The halving is set to happen in May 2020 but it usually affects Bitcoin long before it happens.

 

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