Another Rally For BTC Seems In Sight

News / 14.02.2020

A downside correction from the $10k zone of BTC/USD began. The pair’s price returned to the downside beneath $10.2k but remained over the significant 100 hourly SMA.

The pair tried to rise above the $10.5k barrier recently. However, it could not move higher and a short-term high close to $10,519 formed.

The price eventually fell to the downside beneath $10.4k. Moreover, looking at the pair’s hourly chart reveals a break of the upstream channel from the previous day with support near $ 10,360.

It paved the way for further declines, and the price moved below the USD 10.2K support. It made it to nearly $ 10,000, but the hourly 100-SMA is a robust bullish zone.

The price hit a low near $ 10,057 and is now consolidating within this range.

BTC Running Towards $11k

The direct support on the downside is close to $10.1k. A slight lower movement could keep up the downside move. The downside move could cause a price retest of the $9,890 support zone in the near term.

Due to this, the pair may incur more gains through an upsurge of over $10.3k. Besides, the price must propel over $10,325 to retest the $10.5k barrier.

A central contracting triangle with a barrier close to $10,290 is a critical observation point. On the same chart, the downside shows that the triangle support is near the $10,180 level.

In conclusion, an upsurge of over $10.5k could establish momentum for a run to $11k.

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.