Bitcoin Struggle Continues above $9500 Support area, which indicates further upward pressure in the making. The bias is Bullish and may continue further. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 21, 2020, | AtoZMarkets – Bitcoin is currently struggling to sustain the Bullish momentum after rejecting from $9500 several times. Despite the strong Bullish bias in place, Bitcoin is struggling to reach $10,000 as per current price pressure.
Due to the Coronavirus issue, investors have been already into Bitcoin and Gold. Gold surged higher quite impulsively and created a new record high recently. Some of the cryptocurrencies are also gaining momentum, but Bitcoin seems to stick around $9500. After the break above $10,000, Bitcoin did attract specific Bullish pressure, but recent sharp decline lead to Bearish pressure in the market.
Bitcoin Struggle Continues as Market Sentiment is Indecisive
Bitcoin struggle around $9500 after the decline below $10,000 has kept the market sentiment a bit indecisive. Though Bitcoin is under Bearish pressure currently, Bulls are showing confident presence around $9500 area.
image: Bitcoin 1 Hour Chart
According to the 1-hour chart, Bitcoin is currently residing at the edge of Kumo Cloud resistance while having dynamic level support at the same time. After the impulsive Bearish candle breaking below $10,000 with one strong candle, the Bulls are currently struggling to regain momentum around.
The price has already rejected $9500 area several times but could not sustain upward pressure to continue pushing higher. The Chikou Span (Green Line) did manage to break above the candles but still indecisive as it is again sloping down. Moreover, the MACD lines residing below the 0.00 level indicates the strength of Bears in the process.
As there is no sign of Bullish Divergence and specific barriers to break higher, Bulls may face a hard time reaching even $10,000 as per the current scenario.
Bitcoin finds Bullish Confluence in Daily Chart
Bitcoin has been struggling to maintain Bullish momentum recently around $9500 area. The price did manage to push higher but could not be consistent enough to take the price higher towards $10,000.
image: Bitcoin Daily Chart
According to the daily chart, Bitcoin has resided at the edge of $9500 area has formed specific Bullish patterns along the way. The price is currently held by the dynamic level 20 EMA and Kijun line which adds to the confluence for further upward pressure.
So, as the price remains above $9500 area with a daily close, Bitcoin Bulls may sustain upward pressure. The Bullish confluence from the Horizontal and Dynamic level may help upcoming Bullish pressure to extend and maintain further.
To conclude, Bitcoin remaining above $9500 is an indication of further upward pressure. Despite recent Bearish pressure, Bulls are still quite active around $9500, which is an indication of Bullish bias in the market.