Bitcoin Bullish Trend heads towards $10,000 Resistance Area breaching above $9500 area. The price may reach $10,000 with ease but might find resistance. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 7, 2020 | AtoZMarkets.com – Bitcoin is currently residing above $9700 area with strong bullish momentum breaking the resistance with ease. After the price bounced off the Channel resistance as support, the Bullish bias has been quite consistent with the upward pressure.
Bitcoin is already up by 2.3%, which may continue to push higher towards $10,000 area. The upward move pushed Bitcoin’s Market Cap to $177 Billion. As the Market Cap is increasing, the Bulls are getting attracted to the Bitcoin investment as the Equity market unrest is not over yet.
Moreover, for last 7 days, Bitcoin has seen a rise in value and volume. The transaction volume increased to $37.5B in 24 hours which is around 27% of the total volume of crypto currencies. Though Bitcoin is still down by 50% from it’s highest peak, consistent Bullish pressure may recover the way higher.
Bitcoin Bullish Trend can pause after reaching $10,000
Bitcoin has been quite impulsive and non-volatile with the recent Bullish momentum which is at the verge of reaching $10,000 resistance. The price did move strongly after the bounce from the 20 EMA but currently slowing down.
image: Bitcoin Daily Chart
According to the daily chart, the price is currently quite low on volume without much of Bullish pressure along the way. The price is heading higher but the Bullish momentum is not quite upto the mark. The price pushing higher has been confluenced by the dynamic level 20 EMA, Tenkan and Kijun line. Mostly, the Tenkan line has been the closer to the recent price retracements and managed to push higher along the way.
Read More – FREE BTCUSD Trading Signal for 7th February 2020
Bitcoin can Revert to Mean
After the price bounced off the Channel resistance as support, the Bullish bias strengthen further. The price did push higher but formed Bearish Continuous Divergence along the way. As per current price pressure, Bitcoin may reverse reaching a strong resistance like $10,000 area.
According to current price action, the price may reach $10,000 area with consistent Bullish pressure. But may show certain counter move before continuing the Bullish pressure above $10,000 area in the coming days.
To conclude, Bitcoin Bullish Trend is strong enough to reach $10,000 area. But certain counter may be seen if price rejects. As Bearish Divergence is in the making, rejection off the $10,000 area may lead Bearish intervention.