Bitcoin may Bounce Higher again Breaking $10,000 area and further up in the coming days. Despite the recent Bearish pressure, Bitcoin is pushing higher. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 17, 2020 | AtoZMarkets.com – Bitcoin is currently pushing higher after the impulsive Breakaway Gap below $10,000 area. Despite the strong Bearish pressure, the price is currently pushing higher to recover the lost gains.
Bitcoin is struggling to support above $10,000 area and breach above $10,500. The price did near the $10,500 area but could not break it. Apart from Bitcoin, Ripple and Ethereum pushing higher also faced the same market sentiment resulting in certain dip despite the strong Bullish momentum.
Bitcoin did break some key support areas like 10,200 and $10,000 while reaching $9600 area. As per our earlier expectation, the price did fall lower but as per Bullish bias, the buyers are making a comeback. Despite certain swing low created recently, the Bulls are ready to fight back and push the price higher again.
Bitcoin may Bounce Higher from Dynamic Support
Bitcoin is currently showing certain upward pressure and residing above $9800 area in the intraday chart. The price is still Bullish despite the recent dip but certain correction may occur along the way.
image: Bitcoin 4 Hour Chart
Bitcoin is currently showing certain Bullish pressure after the recent Bearish Breakaway gap below $10,000 area. The trend line in focus, has also been broken as well which may get retested in the coming days. Though certain downward pressure was observed recently, the dynamic support area of Kumo Cloud is still holding the price higher. So, as the price manages to continue the Bullish run, further upside pressure may occur which may lead the Bitcoin above $10,000 again.
The strong Bearish pressure pushing the price below $10,000 did confuse the Bulls for a while but may not sustain for long. The Bulls seems coming back up as dynamic area like Kumo Cloud is working as strong support along the way. On the other hand, MACD lines are currently residing at the edge of 0.00 level and may show certain bounce in the process. Though MACD Histograms are extending lower, there is currently no indication of Bearish Divergence or Strong Convergence along the way.
Bitcoin showing Bullish Evidence
image: Bitcoin 1 Hour Chart
Moreover, if we look at timeframe lower i.e. at 1 hour chart, we can see that MACD lines are trying to have Bullish Crossover below 0.00 leve. Additionally, the Histograms are squeezing higher indicating the weakness of Bears along the way. Though dynamic levels like 20 EMA, Tenkan and Kijun line may work as resistance while trying to break above $10,000 but as certain Bullish pressure hits, it would be easy to break higher.
To conclude, Bitcoin may correct below $10,000 area after the recent Break. Bulls may regain momentum as Bullish pressure maintains momentum. Further upward pressure may occur only after $10,000 area is broken above with a daily candle.