Bitcoin Price Technical Analysis for 05/10/2018 – Bulls Defend $9,000 Again!
Bitcoin Price Key Highlights
Bitcoin fee bounced off the backside of its rising channel and looks ready for a cross lower back to the top.
The Fibonacci extension device suggests the next upside pursuits from here.
However, technical indications are suggesting that the selloff may want to nevertheless resume.
Bitcoin charge found help at $9,000 once extra and should set its attractions higher, however technicals nonetheless mirror bearish pressure.
Technical Indicators Signals
The one hundred SMA is crossing below the longer-term 200 SMA to sign that the path of least resistance is to the downside. In other words, the selloff is nonetheless possibly to resume. In addition, the 100 SMA seems to be maintaining as dynamic resistance for the time being.
RSI is on the move up however seems prepared to flip decrease to indicate a return in selling momentum. Stochastic is heading south from the overbought zone, so bitcoin price may follow suit. A wreck beneath the $9,000 degree may want to be sufficient to sustain a reversal from here.
But if bulls stay in control, bitcoin price could pull up to the next resistance at the 38.2% extension or the 50% degree at the mid-channel vicinity of hobby at $9600. The 61.8% extension is positioned close to $9700 then the 76.4% extension lines up with the swing high. The full extension is at $10,174 simply previous the channel top.
Bitcoin fee seems to be resilient against the factors weighing on it these days, as traders are possibly placing greater focal point on the in the past high quality developments. It has been stated that ICE will be launching a bitcoin exchange, which may want to draw more liquidity and undertaking even for other altcoins.
For now, although riskier belongings like bitcoin are being weighed down through chance aversion stemming from geopolitical risk. Recall that Trump announced that the US would pull out of the Iran deal, which ought to maintain geopolitical tensions heightened for the time being. This situation is normally more bullish for the greenback and other safe-haven assets.