After a certain bearish correction towards the $9100 support level, the current bullish momentum of Bitcoin may extend above $10,000. Let’s check Bitcoin Technical Analysis for more levels and insights.
February 6, 2020 | AtoZMarkets.com – After rejecting the $9500 area with strong Bearish pressure Bitcoin did not show any impulsive momentum to indicate a trend reversal. Moreover, price managed to get a bearish rejection from the dynamic level as well as potential $9000 levels.
The Bullish Momentum of Bitcoin pushed the Bitcoin’s Market Cap to $167 Billion dollars. Due to the recent uncertainty of the global market, investors found the Bitcoin as a safe haven asset. However, the upside pressure was also impressive to indicate a trend continuation. Over the last 12 hours, the price of Bitcoin rose about 5.8 percent from $9,250 to around $9,700 before showing some correction in 4 hourly charts.
Bitcoin Rebounded From the Support of $9020
The recent bearish price pressure pushed the price down from $9500 to $9020 before moving upside. Moreover, the price managed to have a daily close above $9500. Currently, the price is going through some indecisive movements. Therefore, it is likely that the price will move higher soon.
According to the 4-hour chart, the price did some correction after having the H4 close below the 20 EMA. However, the price rebounded sharply before touching the $9000 and Senkou Span A. As long as the price is above the dynamic level of 20 EMA and Kijun Sen, the overall outlook is expected to be bullish.
image: Bitcoin 4-hour chart
Bullish Momentum of Bitcoin may Push the Price Above $10,000
Currently, the price of Bitcoin is carrying by the dynamic levels of 20 EMA. Moreover, Tenkan and Kijun line are also acting like dynamic supports to carry the price towards the upside. MACD lines are saying above the 0.0 level indicating Bullish Pressure in the making as Bearish Pressure fades.
The Chikou Span (Green Line) is also following the price above the $9500 levels, which indicates that the price may reach $10,000 as it is trading above $9500. In addition to that, the Kumo Cloud maintains its extension to push the price higher along the way. Above the $10,000 level, the next significant level to look at is $10,700.
As per current price action, it is highly probable that the Bitcoin price will reach the $10,000 area in the coming days. Despite the strong bullish possibility, the Bearish sentiment may react if the price gets a strong bullish rejection with a strong bearish daily close below $9000 levels. In that case, the next target would be $8600 and $8000.
To conclude, the bullish momentum of Bitcoin may hold as long as the price is above the $9500 level with the primary target of $10,000. However, the situation may alter if the price creates a daily candle below the $9000 area. In that case, the next bearish target would be 8600.