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8 April 2020
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Bitcoin

Price of bitcoin has difficulty with resistance

At the time of writing, the top 10 cryptocurrencies on CoinMarketCap, with the exception of Bitcoin SV, turn green. Bitcoin is traded for $ 9,775 and is 1.47% in the plus. Ethereum (ETH) is now worth $ 218 and is 4.55% green. Striking riser is binance coin (BNB) which is now with a value of $ 21.32 9.14% in the plus. Both XRP (XRP), bitcoin cash (BCH), litecoin (LTC), tether (USDT) and EOS (EOS) are not a whole percent in the plus. Cardano (ADA) gained 1.75% in value in the last 24 hours and bitcoin SV (BSV) fell 2.93% in the same time frame.

Just outside the top 10 cryptocurrencies based on market capitalization are the TRON (TRX) and Chainlink (LINK) that have risen markedly. TRX is traded for $ 0.023238 after rising 12.07% in the last 24 hours and LINK rose a whopping 13.52% and is now worth $ 3.25.

Bitcoin

The day before yesterday the price of the mother of all cryptocurrencies broke through the $ 9,400 and could then rise towards $ 9,800. The price is currently trading just below that level. On the hourly chart of bitcoin you can see that after the first test at $ 9,800 the rate fell back. A second attempt was also unsuccessful, because the resistance turned out to be too strong again. A total of three attempts were made.
The 4-hour graph shows that the Relative Strength Index (RSI), after the second attempt to break the resistance at $ 9,800, ended up in overbought territory. The Moving Average Convergence Divergence (MACD) also shows a decreasing upward momentum.

If we zoom out to the daily graph, we see that the RSI is on the edge of the overbought area. If the RSI moves more into the overbought area, the chance of further consolidation or a correction increases.
If the price is again rejected at $ 9,800 and falls further, the $ 9,400 will act as the main support zone. Below that level, the 200-day moving average (MA) at $ 8,800 can offer support.

If we were to break through the $ 9,800, we would find strong resistance at the $ 10,400. The $ 10,000 could possibly offer resistance as this is seen as an important psychological limit.

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