As is known, Bitcoin bulls have been fighting to exceed the $ 10,000 level for months. The term Bitcoin was rejected several times from this ‘cursed’ level, so to speak; But when BTC reached this level just 2 weeks ago, the bears pressed. Nevertheless, the bulls managed to take the bottom and pull Bitcoin back above $ 9,000. Then they tried to break the critical level of 10 thousand dollars again.
About 6 days ago, the bulls saw $ 9,950 and approached the $ 10,000 level. They failed, but the downward trend was not strong enough.
Bitcoin currently has an increasing parallel channel on the daily chart, but has lost its bullish trend. If the bulls want to stay in the canal and have a chance to break the $ 10 thousand level, they need to hold on for $ 9,000 today.
A break below $ 9,000 shows the break of the channel and the 26-day EMA. Bears will have full control if this rupture occurs, but this is likely to be false. A few traps have been seen for bears and bulls last month, again it can easily happen again.
If the Bulls Break the $ 10k Level…
If Bitcoin eventually manages to trade consistently above $ 10,000, the bulls will start to rise above the all-time high of $ 20,000. Resistance above $ 10,000 is weak. The weekly chart will shift to the weekly bullish trend, and the monthly chart will be close to that.
The weekly chart is currently on the rise, 12 and 26-EMAs are on the rise, and the MACD has also been on the rise for 4 weeks. The volume had been increasing for the last 3 weeks, but it seems to have fallen this week, although it is still 2 days for the week to close.
Overall, the long-term outlook for Bitcoin is great, but there seems to be a lot of uncertainty for over $ 10,000. The next few weeks will determine whether Bitcoin will continue to rise in the long run or whether it will start to drop $ 3,700 again.