Bitcoin may Retest $10,000 as Support before Continuing Higher with target towards $12500 area. The Bullish trend is strong to sustain further upward. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 12, 2020 | AtoZMarkets.com – Bitcoin has been quite impulsive and non-volatile with the recent Bullish momentum. The price managed to push above $10,000 area with a daily close and reach above $10,400 area.
As per reports, Bitcoin Google Search rose as overall Crypto market gained momentum. As per current market sentiment, Bitcoin managed to grab attention once again as investors divert from other markets. According to Google Search measure, it has increased by 33% last week as Bitcoin broke above $10,000 area. As Online popularity surges, Bitcoin may regain momentum as investment also grow.
Apart from Gold, Bitcoin is currently considered safe to invest in. As global market struggling with the China’s Coronavirus issue, investors are looking for alternatives. Since the start of 2020, Bitcoin has been quite positive and managed to regain attention of the market sentiment. Which if continues, further upward pressure may occur in the coming days.
Bitcoin may Retest $10,000 again but as Support
Bitcoin breaking above $10,000 area was an incredible achievement for the Bulls. As the price broke above $10,000 area, Bitcoin regained good amount of attention from the investors. As the attention sustains further, Bitcoin may create higher highs in the coming days.
image: Bitcoin 4 hour chart
According to 4 hour chart, the price is currently pushing lower while forming Bearish Divergence in MACD. After the break above $10,000 area, the price has made good distance from the dynamic levels. So, if price revert to the Mean i.e. 20 EMA, there is greater probability of retesting $10,000 as support. Moreover, The Tenkan and Kijun line working as strong dynamic support may also hold the price higher.
Bitcoin Bullish Trend may Sustain further
The Bullish trend is quite strong with no indication of counter momentum in the process. As per current price action, Bitcoin may retrace lower towards $10,000 area and retest it as support before continuing the Bullish Run. As the Bullish pressure continues, the price may head towards $12,500 area in the coming days.
To conclude, Bitcoin may retrace lower towards $10,000 area and retest it as Support. As the price remains above $10,000 area with a daily close, further upward pressure may occur.