Bitcoin Well Supported Above $10,000 – Market Outlook Positive
Bitcoin leads the way this morning, with the majority of the major cryptocurrencies in positive territory, though the rally from Sunday’s lows may be getting tired, with the cryptomarket having little impetus to continue moving higher.
Bitcoin has had a relatively positive start to the week, with Bitcoin gaining a further 2.34% on Tuesday, following on from Monday’s 7.7% gain, to end the day at $10,571.56.
A large part of the move through to the higher end of $10,000 levels came in the early part of the day, with Bitcoin pushing through its first major resistance level of $10,738 to hit an intraday high $10,850 before easing back through the latter part of the day.
The good news for the Bitcoin bulls will be that the intraday higher sell-off was not too severe and Bitcoin enjoyed a day free of testing major support levels, with an intraday low $10,150 sitting well above its first support level of $9,650.
Holding on to $10,000 levels through to the close was certainly keys and sets Bitcoin up for $11,000 levels in the coming days, which should draw in investors currently sidelined and waiting on a bounce to jump on.
Bitcoin was up 1.85% to $10,762, with the news of the day being of Bitcoin having moved through today’s first major resistance level of $10,898 to hit an intraday high $11,064.75.
On the technical charts, BTC/USD is trading sideways, below the 100 day EMA. The market is trading above the 9 day, 20 day, 50 day, and 200 day moving averages. The RSI is at 53.18 and the MACD is above the signal line.
Buy stop at 10728, Take profit at 11120, Stop loss at 10383