CoinDesk: Bitcoin Demand at $10K Hints at Move Higher
The anonymous digital currency Bitcoin appears to be building a solid base priced around the $10,000 to $11,000 range. CoinDesk.com has expressed optimism that the price should move higher in days to come.
Bitcoin is down as much as 22% from where it was just one month ago.
The cryptocurrency has recovered losses on four different occasions over the past week after sinking below $10,000 levels. As of Wednesday morning 8:45 am EST, Bitcoin was priced at $11,200.
From CoinDesk.com:
The two-way price action witnessed in the last 24 hours is indicative of indecision in the marketplace and a decisive move (in either direction) would likely set the tone for the market. That said, the price chart analysis today puts the odds of a decisive move higher above 50 percent.
That site also observed that BTC has consistently found takers at or below $10,000 (marked by circles).
A positive close (as per UTC) today, preferably above $11,370 (yesterday's doji candle high), would confirm a bullish doji reversal and open doors for $13,000. A violation there would open up upside towards $15,733 (61.8 percent Fibonacci retracement of December high to January low).
CoinDesk.com did warn that a close (as per UTC) below $10,391 could yield a sustained move lower to $9,000.
- Gilbert Horowitz, Gambling911.com
