Bitcoin Is One Correction Away From Reaching $13,000: Analysis

Bitcoin is one correction away from reaching the $13,000 price goal since the price briefly reached the $11,000 level but later corrected towards the key support level at $10,500 as we could see in the coming altcoin news analysis.

The price correction is not influencing the investors since they noticed a couple of past days has been nothing but a rollercoaster ride. As noted in the analysis previously, the bitcoin price since the beginning of July shed about 20 percent from its value when it started closing in on the $13,000 price range. Also, the largest cryptocurrency dived to some of the lowest levels in July and breached the $9,000 level before forming a new low of $9,080 which allowed for a faster bounce back to the $10,000.

The bitcoin price still doesn’t have the capacity to sustain growth above $11,000 but by looking at the hourly charts for the BTC/USD pair, there is a clear upward trend that is continuously going towards the $9,000 support line. The immediate upside is limited by the 50 simple moving average.
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The slide from the previous high of $11,096 managed to sustain a balance confluence that formed at the 100 SMA and the 61% Fibonacci retracement level which was taken between the last swing towards the $11,096.

At the time of writing, a slow bullish momentum is building above the $10,600 range so bitcoin is one correction away from the previous 50 SMA in order to reach a key resistance of $10,800. If it goes past these levels, It could reach a price above $11,000. In addition, there is also a bullish trend line forming close to the $10,450 so if a break occurs under this trendline, more declines towards the $10,000 will come in the next sessions.

The technical charts show that the number one cryptocurrency will likely struggle some more since the Moving Average Convergence Divergence has zero divergences while the Relative Strenght Index shows levels below 40. According to the crypto trader Josh Rager, bitcoin closed the week with no movements that between the primary support levels and resistance levels. As noted in the latest cryptocurrency news, there is a breakout expected after the $10,000 range due to the buyer’s exhaustion and demoralization.