February 14, 2020 | AtoZMarkets.com - Bitcoin is currently pushing higher with despite recent volatility and correction along the way. Though the price is residing above $10,000 area, upcoming Bullish momentum is still indecisive.
Bitcoin Bullish Rally may extend further as the price remains above $10,000 area. According to certain analyst, Bitcoin Bears are trying to gain momentum over Bulls but until a break below $9500 is observed Bears cannot establish themselves.
Bitcoin is currently stabilizing above $10,200 area despite certain downturn after rejecting $10,500 area again. The Bullish Trend may continue further but a break above $10,500 area will help sustain the upward pressure in future.
Bitcoin Bullish Trend may Continue as it remains above $10,000
Bitcoin Bullish trend is still quite impressive as it creates higher lows despite the current volatility. The price did reject strongly from $10,500 area but could not push lower which indicates the presence of Bulls around the corner.
image: Bitcoin 1 Hour Chart
Bitcoin has been respecting the Bullish trend line which is carrying the price higher towards $10,500 area. The price bounced higher off the trend line support despite recent impulsive Bearish pressure. As per recent trend and price squeezing higher, Bitcoin has greater probability to push higher as it remains above $10,000 area with a daily close. As the Bullish pressure continues, Bitcoin may reach $11,000 if a break above $10,500 is seen.
MACD lines having a Bullish crossover below 0.00 area is showing confluence though the dynamic levels are still indecisive. The dynamic level 20 EMA is intersecting the price while the price is contained inside Kumo Cloud support area. Despite current correction, Bulls are still quite strong to push higher but for consistent upward pressure a break above $10,500 is required with a daily close.
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Bitcoin can Retrace towards $9500 in Long run
image: Bitcoin Daily Chart
According to daily chart, Bitcoin surged higher as it bounced off the Channel resistance as Support from $8200 area. The price sustained impulsive Bullish momentum without much deeper throwbacks along the way. While the price was pushing higher, it started to form Bearish Continuous Divergence along the way.
Yesterday, after the daily close, the price showed first strong Bearish evidence Engulfing the previous day Bullish pressure. Bitcoin may dip lower towards $9500 where it may find confluence of dynamic levels as support. As the price remains above $9500 area with a daily close, the long-term Bullish trend will be intact.
To conclude, Bitcoin needs to break above $10,500 area to push higher impulsively again. Until that, certain Retracement towards $9500 may occur as per long-term perspective.