Bitcoin showing strength: $13,800 possible

10 Jul, 2019
by Lourens Pepler
Price Analysis
Bitcoin showing strength: $13,800 possible

After showing some clear signs of bullishness, Bitcoin is back to its up trend making it way towards the previous high of $13800. Today we look at possible support and resistance levels for this rise and possible breakout to come. This is the BTC analysis for 10 July 2019.

Highlights:

- 4 hour RSI bullish

- $13800 resistance level to watch

- $12800 support retested 

On 8 July we talked about how BTC’s momentum did not appear bullish just yet, but today on RSI we can see that momentum made a push above the 60 RSI line and found support, indicating bullish action lies ahead.

BTC/USD chart provided by Tradingview

The last time momentum entered the bullish phase was on the 12th of June. We can see that as soon as momentum shows strength above 60, price keeps rising from that point forward. 

With RSI showing strength above 60 again today, leads us to believe that BTC has entered its next leg up and that we will again see price rise from this point onwards. 

BTC/USD chart provided by Tradingview

Looking for resistance levels, we first have the previous high of $13800. With momentum being strong, could indicate that this level would easily be reached and possibly blow past it and make a run for a new yearly high.

BTC/USD chart provided by Tradingview

Now zooming into the hourly chart, we take a look at possible support levels. First up we have $12800, which was our resistance level previously, but since BTC broke past it we now turn it into support. We can already see that BTC retested this support level, before moving back up.

From here we also take a look at the hourly RSI, which we can see is currently in an uptrend as well. With the hourly RSI also now trading above 60, it adds some confirmation the bullishness. We do not notice any signs of a downtrend on RSI just yet, also adding more confirmations of the up trend.

BTC/USD chart provided by Tradingview

If this upwards momentum can keep it strength, then we will surely see BTC break past the previous high and possibly make a run towards $20k. Do you think BTC can break past the previous high of $13800, or will we see some sort of a retrace first? Let us know what you think in the comments below!

Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.

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