Bitcoin may Struggle further before Regaining Bullish Momentum towards $10,000 or higher. Despite the recent Bearish pressure, the Bullish bias is intact. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 18, 2020 | AtoZMarkets.com – Bitcoin has been quite impulsive with the recent Bearish momentum which lead the price to reside at the edge of $9500 area again. The price did make some progress higher above $9600 but not quite consistent to reach $10,000 area soon.
Bitcoin is considered as safe haven investment apart from Gold as the world economy struggling with Coronavirus issue. As China is the global leader in manufacturing products, many countries depend on China. Most of the exports are still on hold from China as Coronavirus situation is trying to stable a bit. As China economy suffers, Bitcoin may regain momentum in the coming days.
Bitcoin may Struggle to reach $10,000
Bitcoin has been impressive with the recent non-volatile Bullish trend since it started from bouncing off the Channel resistance as support at $8200. Recent Bullish pressure from $9000 has been also quite consistent until the price broke below $10,000 area this week.
image: Bitcoin 1 Hour Chart
According to 1 Hour chart, the price did manage to push above $9500 area but still showing certain Bearish pressure. The price bounced off the $9500 area twice with strong Bearish rejection which indicates the presence of Bulls in the level.
Read More – Gold Continues Bullish Run above $1585
Dynamic Resistances may hold the Bitcoin Bulls
The dynamic levels are currently quite indecisive as 20 EMA is residing at candle high whereas the Kijun line is holding the candle low. But as the dynamic levels are crossing each other out, certain upward pressure may be observed along the way. Moreover, the Kumo Cloud widening above price area may hold the Bulls for a certain period before it establish. So, Bitcoin’s break above $10,000 is the requirement to confirm further upward pressure in the coming days.
To conclude, Bitcoin residing below $10,000 is indecisive with further upward pressure. Before $10,000 is taken out, Bulls may struggle further to continue higher in the coming days.