BTC finds support at $10,000
Bitcoin futures are trading up 3.7% ($380) on the day and as of 4 PM, EDT is trading at $10,720 basis the most active futures contract on the CME. It seems as though Bitcoin futures found support at the 100-day moving average which happens to be right around $10,000. This support level is a relatively new occurrence in BTC and a very bullish one at that.
Rarely if ever has the 100-day or the $10,000 price point reflected an area of support by themselves, this most recent action provides the first time that they acted as support together. This happened when on Friday, September 4th as well as last Monday and Tuesday (September 8th and 9th) the lows for the session fell to within $100 of these two levels which have recently synched up.
This recent pivot up off of these new support levels is very bullish for Bitcoin. The healthy correction that most analysts had expected will have been very short-lived, shallow, and showing a strong ‘V’ shaped bottom. As long as pricing remains above $10,500, we may be witnessing one of the shortest corrections in BTC history and if BTC can hold these prices our outlook is bullish for the short-term once again. However, we will have to see these levels hold, which at this point is looking to be highly likely.
The real target now becomes $12,500 which should be obtainable in the next 30-days.
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