Bitcoin Bitcoin Flirts With $10,000 As Crypto Extends Gains -...

Bitcoin Flirts With $10,000 As Crypto Extends Gains – Forbes

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Bitcoin has been trading close to $10,000, a key, psychological level the cryptocurrency has not reached since February.

The world’s most valuable digital currency by market value climbed to as much as $9,958.73 at roughly 3:30 EDT, CoinDesk figures show.

At this point, it was less than 1% away from $10,000.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

The $10,000 price provides “major psychological resistance,” emphasized Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.

Kiana Danial, CEO of Invest Diva, agreed, providing some technical clarification:

The next resistance is at the $10K zone which also falls on the 61% Fibonacci retracement level that tracks the downtrend from the highs of June 15, 2019 to the lows of March 2020.”

In spite of this resistance, it is “almost inevitable” that bitcoin will surpass $10,000, said DiPasquale.

Due to the anticipation surrounding the upcoming halving, there is a powerful expectation that bitcoin will break through this level, he stated.

“Meanwhile, all indicators show highly overheated conditions, which means a pullback or at least some consolidation is overdue now,” said DiPasquale.

More specifically, he noted that “the RSI is majorly overbought at around 80, while the price action has diverged very sharply, very fast, from the 20-day moving average.”

Going forward, DiPasquale stated that when bitcoin breaks through $10,000, “$10,500 is the major level to watch.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

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