Bitcoin found Bullish Confluence Breaking above $10,000 area which may lead the price to $10,500. Despite the recent dip, Bulls are ready to strike back. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 19, 2020 | AtoZMarkets – Bitcoin has been quite impressive with the recent bullish momentum after certain dip and correction below $10,000. Currently, the price did manage to break above the $10,000 area and may surge higher as per confluences.
Bitcoin pushing above $10,000 may attract more buyers in the process resulting in further upward pressure. The price did struggle at the edge of $9500 but managed to regain momentum with ease. As per analysts, Bitcoin may sustain Bullish momentum above $10,000 area, but a break above $10,500 will confirm further strength in the process.
Bitcoin found Bullish Confluence may push higher
Bitcoin has recently broke above $10,000 area and retested it with an hourly candle. The break and retest was quite textbook and having dynamic levels carrying the price made it more attractive to the Bulls.
image: Bitcoin 1 Hour Chart
According to 1 hour chart, the price found strong support at $9500 and pushed higher impulsively. Bitcoin did correct for a certain period around the area but managed to have consistent Bullish pressure to break above $10,000.
The price did certain correction while sloping lower to retest $10,000 after the break. The recent hourly Bullish candle was quite impressive which engulfed previous 4 hours of Bearish price action. Moreover, the dynamic level 20 EMA, Tenkan and Kijun line holding the price higher as support.
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Bitcoin must break $10,500 to sustain the Bullish Pressure
As the price progressed higher after the consolidation, it breached above Kumo Cloud as well. Breaking above the Kumo Cloud was pre-breakout indication for $10,000 and dynamic level carry was an add. As per current price action, the price may reach $10,500 area if the Bullish pressure remain constant.
Though the Bulls are still quite strong, but further upward pressure will be only confirmed after $10,500 area is taken out with a strong Bullish close. As per current price action, which looks very much achievable but certain spikes and indecision may take place along the way.
To conclude, Bitcoin is set to push higher as it remains above $10,000. Currently, price having confluence from levels may push the price towards $10,500 area but a break above will confirm further upside pressure.