Bitcoin Is Not Ready To Move above $11,000

News / 13.02.2020

BTC/USD continued its upside move towards the hurdle at $10.5k. At the moment, the pair is revealing exhaustion signals and it may decline by a few points prior to more upsides.

This week, the pair was able to bounce back over the hurdle at $10k. The price continued to the upside, thereby breaking the hurdle at $10.2k and the 100 hourly SMA.

In recent times, the bulls pushed the price towards the barrier at $10.5k, but they could not secure bullish momentum. The price was able to form a fresh 2020 high close to $10,492 and it is now correcting lower.

The first support is close to $10.4k but the initial major support is observed close to $10,350. A look at the hourly chart of BTC against the USD revealed the formation of a short-term ascending channel with support close to $10,350.

A look at the upside shows that a strong barrier appears to be facing the pair close to $10.5k. The buyers appear to be exhausted and there could be a short-term retracement beneath $10,350.

On the downside, the major support is close to $10.2k, where the buyers could become active. Any additional declines could lead to the major $10.1k support zone.

Following the completion of the current retracement wave, the price could return to the upside over $10,450 and $10.5k. If the price moves over $10.5k, the next target could be towards the $11k resistance.

An intermediate barrier may be $10.8k. Generally, the pair’s price action hints at the likelihood of a minor decline towards $10.2k or $10.1k prior to a run towards $11k.

 

Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.