Bitcoin Sustaining Bullish Momentum to push Higher again towards $10,000 price area. Despite certain Bearish intervention, Bullish bias is still strong. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 5, 2020 | AtoZMarkets.com – Bitcoin recently rejected off the $9500 area with strong Bearish pressure. The price did manage to reject off the resistance but could not show impulsive pressure to act as counter along the way. Moreover, the Bullish bias is still quite stronger may sustain further upward pressures in the coming days.
Bitcoin Bearish pressure since it rejected off the $9500 area is still quite active. Bitcoin is currently correcting between the price range of $9000 to $9500. The Bullish trend after the break above the Channel resistance at $8200, has not lost it’s grip and may sustain the Bullish momentum to push the price higher again.
The recent move higher pushed the Bitcoin’s Market Cap to $167 Billion dollars. Since last 7 days, Bitcoin has moved higher quire consistently with good stability. Though it is still down by 53.62% from the highest peak but slow progress higher can prove to be a strong momentum creator in the process.
Bitcoin already found the Support to push Higher again?
The recent push lower from $9500 lead the price to reside at the edge of $9020 area. The price did manage to push higher after the bounce but still indecisive until a break above $9500 is seen in the coming hours.
image: Bitcoin 4 hour chart
According to 4 hour chart, the Bullish trend is quite strong despite the recent rejection off the $9500 area. The trend has established quite well since Bitcoin bounced off the $6500 price area. After the break and retest off the Channel resistance, the price found strong Bullish Confluence to continue higher.
Bitcoin to Sustain Bullish Trend with confluence
Currently the dynamic levels like 20 EMA, Tenkan and Kijun line is intersecting the price as the price progressing higher. MACD lines are resting flat at 0.0 level indicating Bullish Pressure in the making as Bearish Pressure fades. The Chikou Span (Green Line) is on the way to break above the price line resistance which if confluences the break above $9500 area will lead the price higher without any doubt.
The Kumo Cloud is also widening below the price as it push higher along the way. As per current price action, there are higher probability for the price to surpass $9500 area and head towards $10,000 in the coming days. Despite the recent Bearish Intervention, the Bullish trend may continue higher but for confirmation a break above $9500 will be required.
To conclude, Bitcoin managed to sustain Bullish momentum despite the dip towards $9020 area recently. The price may surpass $9500 and head towards $10,000 area as it remains above $9000 area with a daily close.