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Bitcoin's next stop: $9,300 easy to overcome, 5 digits very likely

Bitcoin stunned everyone again this weekend when it managed to rise another 13% on Sunday. Is this the spike that can help us get to $10k, or is this a bull trap and we are headed back to $8000?
Bitcoin's next stop: $9,300 easy to overcome, 5 digits very likely
Highlights:
- BTC next stop $9.3k
- $10000 is very possible.
- Careful for a bull trap.
Starting off by looking at the daily we will first look to momentum to see what it's telling us. If we draw a simple trend line at the lows on the RSI, we can see that momentum is still in an uptrend. This tells us that momentum is still strong and that price will rise again as RSI continues on this trend. Ahead of us we have minor resistance at $9.3k and there after its the price we are all waiting for, $10k.
BTC/USD chart provided by Tradingview
Let's take a look at the 15min chart to get a better idea of what BTC has in store for us today. If we look to yesterday's action, we can see that momentum managed to break above the 50 resistance level on RSI and find support above it. As we know in a downtrend, the 50 RSI acts as resistance for momentum.
Now that we are above the 50 RSI line, we will turn it into support. BTC has already managed to fall back to support and should soon turn back to the upside. If we managed to get another push higher, it will get us to $9.3k.
BTC/USD chart provided by Tradingview
Possible bull trap?
Zooming a bit out to the 4hourly, we can see that a possible bull trap is forming. This is when both RSI and price manages to break out from a clear downtrend. Usually the extension in price and momentum doesn't last long, and returns to the downtrend. Looking back to the 22th of April, we can see the same structure as an example. If this is in fact a bull trap, then we will see BTC headed back to $8000.
BTC/USD chart provided by Tradingview
Bitcoins looks ready to make its next push up, but we still have to be cautious. Was this the push that we needed to clear the road for $10k, or is this just a Bull trap and we are head back to $8000? Let us know what you think in the comments below!
Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.



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