BTC/USD to breach $9,000 soon?

  • BTC/USD is trading for $8,350 in the early hours of Thursday.
  • Bulls are aiming for the $10,000-level.

Bitcoin bulls took the price up from $8,200 to $8,350 in the early hours of Thursday. Earlier on Wednesday, BTC/USD went up from $8,040 to $8,200. The price reached $8,240 before the bears corrected the market and took it down to $8,145. The bulls then re-entered the market and refused to let go off their stranglehold. If they continue their momentum, the $10,000 may get breached soon.

BTC/USD Daily Chart

  • The widening jaw of the 20-day Bollinger band shows increasing market volatility.
  • The latest session of the daily BTC/USD price chart crept back inside the upper curve of the Bollinger band.
  • On the upside, the closest resistance level lies at $8,350.
  • The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
  • The signal line has diverged away from the MACD line, showing increasing bullish momentum.
  • The relative strength index (RSI) indicator is trending in the overbought zone.
  • The Elliot Wave Oscillator shows 15 consecutive bullish sessions.

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