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Can Bitcoin Break Past $10,000 Once Again?

2 mins
Updated by Kyle Baird
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In Brief

  • The Bitcoin price has created a new lower-high.
  • The price broke down from a short-term ascending support line and there is minor resistance at $9,600.
  • Bitcoin has possibly begun the 'C' wave of an A-B-C formation.
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The Bitcoin price has broken down from an important support area and is in the process of validating it as resistance. If the price gets rejected, it could signal the beginning of a corrective period.
The Bitcoin price had an eventful day with considerable volatility on May 14. The price reached a high of $9,939, dropped to $9,511 in one of the biggest one-minute candlesticks in recent history, only to pump back to $9,800. However, BTC began May 15 with a decrease that is still ongoing.

Bitcoin’s Lower-High

The Bitcoin price has been following an ascending support line since the price reached a bottom on March 13. It accelerated its gains on April 22 and the price has not touched the support line since. The price reached a high of $10,067 on May 6 and has been decreasing since. Yesterday, the price generated the first lower-high relative to May 6. Therefore, this could be the beginning of a downward trend that takes the price back to this ascending support line and possibly even lower.
Bitcoin Ascending Support Line
Bitcoin Chart by Trading View

Short-Term Movement

In the short-term, BTC has broken down from an ascending support line along with a support level found at $9,600. The customary movement would be a re-test of this area or line as resistance, followed by a price decrease. If the price were to reclaim this support, it could mean that it is heading towards new highs.
Bitcoin Ascending Support Line
Bitcoin Chart by Trading View
As for the wave count, it is possible that yesterday’s high was the top of the ‘B’ wave, and the price has just begun a correction. Furthermore, the decrease shares numerous similarities with that after the May 7 high. So, if the fractal holds true, we could soon see a rapid decrease in the BTC price.
Bitcoin Wave Count
Bitcoin Chart by Trading View
To conclude, the Bitcoin price has possibly reached the top of the ‘B’ wave and will likely soon begin a correction. This possibility would be invalidated by reclaiming the ascending support area that BTC just broke down from. For those interested in BeInCrypto’s previous Bitcoin analysis, click here.
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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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