Bitcoin (BTC/USD) Technical Analysis: Will We See $10,000 Price By November?
Bitcoin (BTC) price against the dollar stalls at $8,400 USD, as at time of writing, signaling a dull start to the weekend for the pioneer cryptocurrency. According to data collected on Cryptowatch, altcoin prices are equally stagnant with major tokens showing little to no movement in the past 24 hours.
Luckily, technical indicators show the sideways movement in BTC’s price may be coming to a halt and a bullish trend past $10,000 is expected in the coming weeks.
Despite the stagnation in price, some analysts believe this is a signal for an extremely bullish scenario for BTC’s price in the coming days and weeks.
Bitcoin targets $10,000 USD in coming weeks?
The MACD line crossed above the signal line on the one-day candle charts for the BTC/USD pair which shows a possibility of green candles to follow. The cross to green follows a retracement of the relative strength index –currently oscillating at a value of 40 – as the oversold market recovers.
Crypto Hamster, a cryptocurrency trader wrote on Twitter,
Daily MACD bullish crosses always were followed by the price rise.
We had another one just recently.
And at that time MACD is also very low (oversold condition).
$12k as a target until November? 🤔$BTC $BTCUSD #bitcoin pic.twitter.com/UlzqD0P6A3
— CryptoHamster (@CryptoHamsterIO) October 11, 2019
“Daily MACD bullish crosses always were followed by the price rise. We had another one just recently. And at that time MACD is also very low (oversold condition). $12k as a target until November?”
BTC’s price dropped by over $500 USD in a couple of hours on Friday 5.00 UTC before bouncing above its key support level at $8,200 USD on Saturday morning. The price has since crossed its $8,350 and $8,400 USD resistance levels signaling an upcoming bullish trend on BTC market.
BTC/USD pair on the rise: MACD crosses above signal as price targets $9,100 USD support/resistance level (Source: TradingView)
More indicators bullish
Bitcoin trading has been clamped by extreme volatility in the past few weeks seeing its price shoot above $10,000 USD and fall to sub-$8,000 USD levels in a couple of days. Despite the volatility, crypto traders remain optimistic that Bitcoin’s price has bottomed out and is on course to break the $10,000 USD barrier by November.
Furthermore, a couple of indicators show BTC’s stagnation in price may be a catalyst to spike the prices of the crypto. The daily candle chart Bollinger Bands (BB) are in a bullish squeeze as the price candle crossed above the BB base line. The price is targeting the support/resistance level at $9,100 USD. A cross above this price in the coming week may spark a rally above $12,000 USD before the end of November.