The best as well as one of the oldest cryptocurrencies, Bitcoin, after a bull breakout last week, has set its sight to the $10k mark, thereby marking its serious upsurge and its continuation.
As per UTC, Bitcoin closed on $9,759, the highest since March 7, which signals the highest upside-break after a week long narrowing price range which was expected since long.
Looking at the performance graph of Bitcoin, the cryptocurrency has fared much better and inspite of the constant fluctuation, it has managed to stay above all time low below $6,500 in April. Bitcoin has also recorded an al time high of $9,875 on May 3, thereby showing signs of reaching the $10,000 mark in a very short span of time. At this moment, BTC is valued at $9,502 but it is expected that the price will definitely go up in the upcoming weeks post the bull breakout.
The bullish continuation pattern shows that the April lows of $6,500 are rallied up and this move may end up placing the BTC value in the range between $10,455 and $11,950. This is calculated using the two variations of measured height method, a method also statistically used as a corollary of mean-variance calculation).
But upon checking the 4-hour chart as a verification process, it can be seen that the 4-hour relative strength index (RSI) is about 70.00 which signifies that the higher point of $11,950 in virtually unreachable at the moment and thus the $10,455 mark is more of a realistic result and thus, approachable.
Finally, BTC’s bullish breakout last week was followed by an increase of 35% in trading volumes, as reported by CoinMarketCap. Graphically, a rally possesses legs only when there is a significant increase in gross volume or a high-volume breakout takes place.