BTC/USD daily chart, May 04, 2018

Bitcoin Bulls Battling for $10,000 Early

Bitcoin slipped 0.57% on Friday, doing little damage to Thursday’s 5.54 gain, to end the day at $9,703. For the week, Bitcoin was up just 3.22%, a positive start to May, following April’s 33.4% rally, a bullish sign that will likely extend its support across the broader market.

A start of the day slide to a day low $9,542.5 steered clear of the day’s first major support level at $9,314.33 and 23.6% FIB Retracement Level of $9,079, leading Bitcoin to a high $9,848 through the middle part of the day before easing back to $9,700 levels by the day’s end.

The day’s high fell short of the first major resistance level at $10,028.33, with Bitcoin coming close to $10,000 for a 2nd consecutive day.

While Bitcoin saw red on the day, it’s the strong resistance it faces on its approach to $10,000 levels that has been pinning Bitcoin back and the current range supports a break out through to $11,000 levels soon after breaking through to $10,000 levels.

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At the time of writing, Bitcoin was up 1.32% to $9,830.6, the prospects of $10,000 now looking bright as Friday afternoon’s rally spills into the weekend.

Any early move through to an intraday high $9,889 tested the day’s first major resistance level at $9,853.17 early before easing back, while holding at $9,800 levels will have been considered a bullish sign early on, Bitcoin having bounced back from a start of the day $9,685 low.

For the bulls, steering clear of the day’s first major support level of $9,547.67 and 23.6% FIB Retracement Level of $9,079 will be key for Bitcoin to finally break through to the elusive $10,000.

Failing to move back through the morning’s high to test the day’s second resistance level at $10,003 could see Bitcoin reverse later in the day, bringing the day’s first major support level into play, though we would expect Bitcoin to steer clear of the 23.6% FIB Retracement Level of $9,079.

The bullish trend formed back at 6th April’s swing lo $6,500.2 remains firmly intact and with talks of Goldman Sachs opening up a cryptocurrency trading platform for its clients, it can only be good news for the majors.

Elsewhere in the markets, Bitcoin Cash was on the charge, up 6.36%, with Cardano’s ADA a distant 2nd, up 3.32% at the time of writing, the majors in positive territory in the early part of the day.

BTC/USD 05/05/18 Hourly Chart

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