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article imageBitcoin looks set to test $10,000 level this weekend

By Ken Hanly     May 5, 2018 in Technology
Bitcoin closed on Thursday at $9,759 on Bitfinex, the highest daily close since March 7. This may signal a break out from the narrow range that bitcoin has been trading for almost a week now.
Friday analysis by CoinDesk
An analysis yesterday by CoinDesk showed the price was reaching toward the $10,000 mark. The article claims that technical charts show a bullish pattern.
The 4-hour chart shows there has been a pennant breakthrough continuing a bullish pattern and indicating that the rally from the April lows below $6,500 is continuing. This opens the way for a rally of up to $10,455, to $11,950. However, the relative strength index RSI is close to going above 70, a sign of the coin being overbought. This means the rally may not be as large and the lower number is more realistic.
The daily chart shows a bullish 5-day moving average MA and also the 10-day average does the same. The daily RSI is just 62, well below 70 or overbought territory. This leaves enough room for a rally to $10,400 to $10,500. Yesterday's rally was accompanied by a rise in trading volume a positive for a continued rally.
CoinDesk prediction
CoinDesk assesses the situation as follows: BTC looks set to test the 200-day MA resistance of $10,015. A close (as per UTC) above that level would strengthen the bull grip and could yield a sustained rally to $10,455 and above. The outlook remains bullish as long as prices hold above the ascending 10-day MA, located at $9,290. An unexpected close (as per UTC) below $8,652 (April 26 low, pennant low) would signal a short-term bullish-to-bearish trend change.
So far today, bitcoin's (BTC) price has not passed the $10,015 level However, it is coming close. Unless things change it seems unlikely that the price will close above $9,290 and far above the $8,652 level.
Present price situation
Bitcoin (BTC) opened today, April 5, at $9692.772 and reached a high so far of $9,954.95 almost reaching the $10,000 level. So far the low has been $9,675.62. At 20:09 UTC the price was $9,833.48 still well above a hundred dollars above its open. There are still about four hours left so there is still plenty of time to test the level again, although present trend is down. Present price can be accessed here.
Cryptocurrency market on the upswing
The cryptocurrency markets
continued to build on April's gains this week. The combined market capitalization of all cryptocurrencies rose back above $460 billion May 4. This is the highest level since March 6, and a week-on-week increase of 15.8 percent.
Out of the top 25 cryptocurrencies by market capitalization, 23 are reporting gains on a weekly basis, and lesser-known names like nano (NANO), VeChain (VET) and bytecoin (BCN) are topping the list.
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