Bitcoin Looking Forward To $10,000 Following Short Term Correction

News / 06.02.2020

The price of BTC/USD was sustained over $9k and surged to a fresh high this year. The price is now well established over $9.5k and suggesting a powerful upsurge to $10k.

In recent times, the price corrected to the downside from $9.6k, extended it beneath $9.4k and $9.3k prior to the bulls’ takeover over $9k.

The price was able to form a swing low close to $9,079 and the price began a new upsurge over the $9.2k barrier zone. The buyers gathered momentum thereby pushing the price over the 100 hourly SMA and the $9.5k hurdle zone.

The price eventually broke over the $9.6k barrier zone and attained a fresh high this year at $9,764. It is now retracing lower beneath $9.7k.

Nevertheless, the past barrier close to $9.5k and $9,520 has become a powerful support zone.

A crucial observation on the hourly chart of BTC against the USD is the formation of a key buying trend line with support close to $9,460. A look at the upside shows short-term barriers close to $9.7k and $9,750.

If the price breaks over $9,750, it could establish a larger upward move. The key target may be $10k, and then $10.2k.

A look at the downside reveals numerous key supports for BTC buyers close to $9,500 zone. Any additional declines could lead to $9,340 and the 100 hourly simple moving average, where the buyers could become very active.

 

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.