Bitcoin still indecisive below $10,000 Resistance area while Bulls are holding the price higher. Despite the recent spikes, Buying pressure sustains well. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 24, 2020, | AtoZMarkets – Bitcoin has been residing inside the corrective range between $9500 to $10,000 area recently. The price did manage to push higher bouncing of $9500 area but still indecisive with the upcoming Bullish pressure until $10,000 broken above.
Gold is currently considered as safe haven by the investors as Coronavirus issue sustained. Bitcoin is also considered as a lucrative alternative apart from Gold which attracted further Bullish pressure along the way. Bitcoin climbed higher could not break above $10,000, which indicates the presence of Bears at the level.
After rejecting from $10,000 area, Bitcoin declined more than $200 and currently held by the dynamic level around $9760 area. Despite the strong Bullish bias, particular correction indicates the indecision in the market.
Bitcoin still Indecisive until a Break higher
Bitcoin is currently pushing higher after the recent rejection from $10,000 area. Today, Bitcoin started the day with a Bullish gap which pushed the price towards $10,000 but could not sustain further to break above $10,000.
image: Bitcoin 1 Hour chart
According to the 1-hour chart, the price did bounce from $9500 area several times recently indicating intense Bullish pressure in the process. Though the price rejected from $10,000 area, the Bullish bias is strong enough to make Bitcoin break above $10,000.
The price is currently held by the dynamic support area of Kumo Cloud while the 20 EMA, Tenkan and Kijun lines are flat. The Chikou Span (Green Line) is residing above the candles, which indicates the Bullish pressure may sustain.
On the other hand, MACD showing no sign of Bearish Divergence or Bearish Convergence indicates the upcoming Bullish pressure sustainability. Therefore, a break above $10,000 is a must to confirm further upward pressure which is more probable as per the current market context.
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Bitcoin Bullish Confluence signals Upside pressure
Bitcoin has been quite volatile after rejecting from $10,500 area. As the price continued it’s Bullish run from $6500 area in December 2019, the Bulls were in good control to push the price higher. Despite Bitcoin being still indecisive, Bitcoin is strong enough to continue pushing higher. As it remains above $9500 area while having Bullish confluence along the way, the Bullish trend may proceed further.
image: Bitcoin Daily Chart
According to the Daily chart, the price is residing above the dynamic level 20 EMA, Tenkan and Kijun line. As the price bounced from the Channel resistance as support from $8200, this volatility seems to attract more Bears along the way. Bulls are still in control and have the ability to break above $10,000 area to push higher.
On the other hand, MACD lines with Bearish crossover indicate Bearish pressure in the making leading to certain correction. Though the Bears are trying to take over Bulls, upward pressure is currently stronger to sustain. As per current daily candle, the indecision may lead to further correction but Bulls are still stable.
To conclude, Bitcoin residing above $9500 area indicates further upside pressure in the making. As per current Indecision, a certain correction may occur along the way and a break above $10,000 will confirm further up move.