Bitcoin Price Revival

Bitcoin Price Revival

Business Media
February 11, 2020 by Super System
499
Bitcoin Price

Bitcoin Defends Key Price Support As It Rallies to $9,200

With the halving nearing, there is a high chance that the price of Bitcoin will only move in an upward direction. Bitcoin’s defense of crucial price support this last Thursday fully supports the case of upward price movements. 

On Wednesday, the premium cryptocurrency faced multiple rejections just above $9,400, and the Asian trading hours on Thursday didn’t do it much good. However, despite the external pressure, buyers were able to steady the price at $9,188 and thus keeping the former resistance-turned-support in good shape. 

The middle of January showed a movement similar to what is observed now. There was a downward movement of price for Bitcoin as it lowered from the same $9,188 on January 14th, thus putting an end to the short-term bullish view. However, the crypto upward movement from $8,250 at the start of this week, made traders rethink if bitcoin will be able to pass the $9,188 and create a double-top bearish reversal pattern or jump over the hurdle with confidence. 

The latter emerged as the victor, with prices shooting above the $9,188 mark on Wednesday, thus turning the resistance into support, and creating a new ceiling point.  As at the time of publishing this report, the bitcoin price was at $9,350. 

Hourly Chart 

Bitcoin Price

From the hourly chart, Bitcoin is moving in a sideways direction. Any movement upward of the channel resistance at $9,452 would propel the recent rally, and create an opening to $9,600 and beyond. 

The Relative Strength Index reports that there are no overbought conditions, and it currently sits in the bullish zone in 50. 

The odds are definitely in favor of a breakout in the coming days. However, caution must be exercised as any downward movement of the range, could lead to a drop-down of $8,900 or below. 

Daily Chart

Bitcoin Price

On Wednesday (January 29th), Bitcoin climbed above $9,188 with a positive marubozu candle. This indicates that the bullish movement is strong. 

In addition, the 5-day and 10-day average are moving north, so this shows that the occurrence of any dip is minimal. 

 


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