The king of cryptocurrency Bitcoin is known for price volatility, and the Bitcoin price analysis reveals that the cryptocurrency is likely to remain volatile coming few days.
An upward trend is showing the fifty (50) point Moving Average (MA) mark for Bitcoin (BTC) to be a safe haven that is certain to make the trading prices go all the way up to eleven thousand dollars ($11,000) and even above it. The market is rather bullish.
With the bulls trying to take control of the market by stampeding the price back up to the cloud district, Bitcoin has started doing well in the past forty-eight (48) hours.
Despite the four (4) hour chart for the past nine (9) days showing a bullish trend and sinking down. The new support registers at the ten thousand one hundred and twenty ($10,120) dollar mark.
The Point of Control (POC) is currently ten thousand five hundred and sixty ($10,560) dollars- also the new support the ten thousand one hundred and twenty ($10,120) dollar mark if Bitcoin keeps soaring high.
Parallel to the POC is the two hundred (200) Exponential Moving Average (EMA). With the fifty (50) EMA still in the vicinity. With these Moving Averages running side by side, support lies jus above the ten thousand three hundred ($10,300) dollar mark.
At a time like this when both these averages are getting along well, and the BTC has held strong ground at the eight thousand eight hundred ($8,800) support, an explosion in the upward direction is expected.
The one hourly chart is a wave of up and down trends following closely to find a breakthrough from the downward trend. Where bears mostly rule the hourly chart; the POC will be making BTC price rest at the ten thousand six hundred and forty-four dollars ($10,644) mark.
And if things keep going well for Bitcoin (BTC) keep looking out for resistances at ten thousand six hundred dollars ($10,600), eleven thousand eighty dollars ($11,080), eleven thousand nine hundred dollars ($11,900) and thirteen thousand two hundred and seventy dollars ($13,270).