Bitcoin price analysis on February 7: Confidently heading to the 10,000 USD mark

Diệp Quân February 07, 2020 0 Comments

Bitcoin price analysis today February 21, 2019

According to the latest technical analysis, Bitcoin's strong momentum continues. The king has set a three-month high of $ 9,859 on Thursday and is currently trading at $ 9,801.

With this momentum, Bitcoin was able to offset the sharp decline in the second half of 2019.

The breakout since April of last year at the bottom of 4,100 USD has cooled down to the peak of 13,880 USD in June. Since then the trend of controlling the whole market from July to November.

However, with the current momentum, this coin is likely to cross the 5-figure price level.

Day candle chart

The daily candlestick chart forms a new higher high and a higher low.

The confirmative signal for uptrend is when both the 5-day and 10-day MA are pointing up with the bullish crossover between the 50 and 100-day MA. The MACD is also setting a candlestick at a threshold higher than zero, indicating an uptrend is active.

Important, the market has not shown signs of exhaustion. The 14-day RSI is about to approach the mass buying zone (above 70) and the coin continues to set up a green candle with a short shadow. Therefore, the buying force has not shown any sign of hesitation.

It is likely that the price of BTC will approach the October peak of $ 10,350. A bounce, if any, will cause Bitcoin to drop to the support of the MA 5 and 10 days (currently $ 9,526 and $ 9,445).

Hourly candle graph

Bitcoin has encountered a hurdle near $ 9,850 twice in the past 24 hours. If it fails again, it is likely that those who buy will start taking profits, bringing the market back to $ 9,635 (horizontal support line). If the price falls below the aforementioned threshold, the market can fully jump to the threshold of 9,500 USD.