Following the recent rise in Bitcoin (BTC) towards $ 11,000, can we say that it has found its low point at the $ 10,000 support? A push towards the $ 11,500 seems likely in the coming days.
Has Bitcoin’s (BTC) low point been found on the $ 10,000 support?
In my previous technical analysis published last week , I offered you a chart chart for the price of Bitcoin, highlighting the support zone at $ 9600 / $ 10,000 and the resistance at $ 10,500.
Support for Bitcoin at $ 10,000?
The market remains under the influence of the fall session of September 3, linked to the fall in star values of the Nasdaq, which have since partially recovered.
BTC too rallied and built a low impulse rise, in reduced volume, with the resistance breaking at $ 10,500 earlier this week . This resistance corresponded to the highs of February 2020, before the stock market shock linked to Covid-19, as well as the upward acceleration threshold of July 27.
The recent technical signals are therefore bullish, on the other hand, apart from the Ether coin, the altcoins do not follow yet and above all, the $ 11,500, the starting point of the fall of September 3, is the real technical frontier between the correction and the return of the big bull market.
This Wednesday evening, the market will take note of the new monetary policy decision of the Fed . It seems fairly acquired, if not logical, that the Central Bank of the United States will seek to support the financial markets with carefully chosen words during the press conference. The update of its economic projections will also be a highlight of this monetary event.
If the Fed produces a bullish impact on stocks, the price of Bitcoin could follow. In any case, the overflow of the $ 10,500 paved the way for the $ 11,500 . The rest is foresight, we will talk about it again after the FED’s comments!