Bitcoin Price Analysis: BTC/USD Would Go Up to $ 10,500 By February 25
On February 17, the correction of the Bitcoin cryptocurrency rate (BTC) was completed and an upward movement arose. At the press-time, the market is experiencing positive dynamics, and the coin should go up to $ 10,500 by February 25.
Key Points
⦁ Buyers crossed the bearish trend line with resistance around $ 9,730.
⦁ The upward trend will intensify in case of breaking the barrier of $ 10,000.
⦁ The BTC rate is changing within the framework of a bull trend that arose in early January 2020.
From February 15 to February 17, the cost of BTC decreased from $ 10,400 to $ 9,487 (Gemini exchange data), breaking the support at $ 9600 and $ 9500. BTC/USD was significantly lower than the average for 100 hours, as a result of this there was an upward movement, thanks to which the asset rate rose to $ 9,850.
During the upward movement, the Bitcoin rate went beyond the downward channel with a resistance of $ 9,730. To date, the cryptocurrency is trading above 23.6% Fib recorded during the dump from $ 10,400 to $ 9,483. A positive scenario is possible as long as the price of BTC is above $ 9,700. However, the pump will meet serious resistance at $ 9940 and $ 10,000.
To What Point Will Bitcoin Go Up?
The 50% Fibonacci level is located at $ 9940, which serves as a powerful resistance zone. The next barrier is at $ 10,000 and matches the average coin price for 100 hours. Thus, overcoming these obstacles will open the way to $ 10,500. The BTC rate has pushed off the uptrend line and will most likely continue to grow.
The negative scenario is possible if buyers fail to gain above $ 10,000. In this case, BTC/USD will begin to fall. The main support barriers are at $ 9,600 and $ 9,500. If the bears overcome $ 9,500, then Bitcoin will drop in price to $ 9,000.
Technical indicators:
⦁ 4 hours MACD is the area of a bearish trend.
⦁ 4 hours RSI is below 50 (in the neutral area).
⦁ The main support level is $ 9600.
⦁ The main resistance level is $ 9940.
Source: en.bit.news
