Bitcoin price closed the week at $8,974, up 17.6%, marking a tremendous recovery from the previous week, completely reversing the loss in valuation from the previous week and putting in a new yearly high of $9,391. Let’s take a look whether Bitcoin price can continue onwards and upward and breakthrough the $10k psychological barrier.
Bitcoin Price Weekly Chart
The weekly chart shows the bitcoin price 00 moving from lows of $3,322 to highs of $9,391. This is a staggering increase of 182%, which is reminiscent of some of the moves seen in late 2017.
Although this time it is largely going under-reported in mainstream media and is yet to capture the imagination of the general public, who normally arrive late to the party.
Having found support at $7.5k last week and printing new highs on Sunday, BTC/USD has begun the new week positively, again putting the newly found 2019 highs of $9,391 under pressure.
The VPVR, which illustrates volume traded at price levels, shows that above $9,300 there is very little price history which — as was found below $6k — can result in fast moves while the market attempts to rationalize the relatively unchartered territory.
Therefore, should bitcoin price continue moving upwards and can break through $10k there may still be room to move higher.
The Mac-D continues to trend upwards above zero but is doing so with slightly less conviction as shown by the histogram failing to print a higher high as its signal line catches up with BTC price. This is something to keep an eye on but nothing to lose any sleep over yet for the bulls.
Should the battered bears re-emerge to put the breaks on in this market, the 100 WMA will likely be the first line of support at the 38.2% retracement – around $7000, with the 50 WMA below that at $5500.
The 100 WMA was an important support level during the parabolic advance from 2015 lows and may prove to hold as support when there is the inevitable correction.
The Monday morning price action…