Bitcoin is Preparing to Surge Over $10K

News / 07.02.2020

The price of BTC/USD is increasing in a steady manner over $9.5k as well as $9,750. There is a likelihood of the price to cross $10k and it may prompt a powerful rally towards $10.4k or $10,650.

The price rose steadily over the barrier at $9.5k and established a level over $9.7k. It closed over the 100 hourly SMA.

Eventually, the price surged over $9.8k and attained a fresh high this year at $9,850. At the moment, it is consolidating gains over the support zone at $9.7k.

Notwithstanding, the buyers are securing the $9,750 zone. A look at the hourly chart of BTC against the USD shows the formation of a major rising channel with support close to $9,710.

A look at the upside on the same chart shows the existence of short-term barriers close to $9,850 and $9,880. The pair’s structure at the moment is pointing to the preparation of a major upside break over the $10k barrier zone.

A surge over $10k may prompt a powerful rally and a stop loss pursuit. If such happens, the buyers could target $10.4k or even $10.5k in the sessions ahead.

The first support is close to the channel at $9.7k.

The ability of the sellers to take the price beneath the channel support could make the price to retrace lower to the support zone at $9.6k. The major support is close to $9,520 as well as $9.5k, and a move beneath it poses a risk of a change in trend to the downside.

 

Source: Cryptopress.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.