By Naeem Aslam, Chief Market Analyst, ThinkMarkets
The bitcoin price is about the blast past $10 000 level, recovering half of its losses from its all-time high – an embarrassing moment for those who said that the currency will never recover from its losses. It is the best performing asset of 2019 and the YTD gains are standing at 140 percent. Bitcoin has increased by 70 percent just during the month of May. This is what Bitcoin is all about, never doubt the resilience of the currency and the support it has among the community.
Remember, the more Bitcoin gets beaten down, the stronger the resilience it builds.
Technically speaking, I think that Bitcoin price is likely to blast through the 10K level by next week, if the momentum continues at this pace. The price is trading well above the important moving averages, 50, 100 and 200-day simple moving averages and the most important among all of them is the 242-day moving average.
If you review the resilience of this moving average on a daily time frame and everything will become clear. I believe that as long the price stays above this moving average, this bull run would continue.
The next important price levels are: the resistance of $10K followed by $15K level. It is highly likely that the price may break through the $10K mark and reach $12K or $13K and then start to retrace back to its support of $8K, before the momentum tries again to reach the level of $15K again.
