Bitcoin Bullish Run Continue may Reach $11,000 soon with impulsive bullish momentum. The Bullish trend is strong to sustain further upmove. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 13, 2020| AtoZMarkets.com – Bitcoin has been quite impulsive and non-volatile with the recent bullish pressure. The Price managed to push a higher above $10,000 area with daily close and reached near $10,500 area.
On the upside, Bitcoin bullish run seems to be facing a tough resistance near $10,500 area. The Bulls seems to be loose and there are chances of a short term correction below $10,500. Which may lead the price upward as the Bullish trend continues.
According to several crypto currency analysts, the Bitcoin market is still in uncertainty at the current price area. Currently, it seems Bears are taking over the Bulls to gain certain downward pressure. As a result, the price may retrace before the Bullish rally continues. Additionally, Bitcoin Google Search rose recently as overall Crypto market gained momentum which a good sign for upcoming Bitcoin gains.
Bitcoin Bullish Run may Continue after retest at best $9,600
Bitcoin broken above $10,000 area which a good sign for investors to take interest in crypto currency market. As the result according to Google Search measure, it has raised by 33% last week as Bitcoin broke $10,000 area. It means Investors are currently taking interest in Bitcoin again.
image: Bitcoin 1 hour chart
According to 1 hour chart, the price is currently pushing lower while forming bearish pressure on the MACD line. After breaking above $10,000 area, the Bitcoin may retest the $9,500 area before it continues the bullish trend. Moreover, the price is also residing at the edge of Trend line support which may hold the price higher. On 1 hour chart, price pushed below by crossing 20 EMA, Tenkan line and Kijun line which also an indication of bears may take control for a short period of time.
On the other hand, the MACD line is sloping down to the 0.00 area after a bearish crossover. MACD histogram volumes are also going down as the price showing bearish pressure. If bears successfully bounce off the price area at $9500 then certain Bullish pressure can be seen.
Read More – Free Bitcoin Trading Signal for 13 February 2020
Bitcoin Retrace may Empower Bulls to Rise again
image: Bitcoin Daily chart
According to Daily chart, Bears are taking the power on hand before Bulls push prices higher to $11,000. Certain retracements can be seen toward $9500 area. The dynamic level 2o EMA, Tenkan line and Kijun line also residing below the current price which may act as a strong support. Moreover, MACD histogram volumes are also sloping down gradually acting as confluence as price moving lower.
To conclude, Bitcoin may retrace lower to $9,500 area before it continues higher toward $11,000. As the price remains above $10,000 area it’s highly probable that Bulls may continue their run in the coming days.