Bitcoin May Experience Another Rally

News / 14.02.2020

BTC/USD began correction to the downside from the $10.k zone. The price of the pair returned to the downside beneath $10.2k, but remains over the major 100 hourly SMA.

In recent times, the pair tried to surge past $10.5k barrier but could not continue higher and was able to form a short-term top close to $10,519.

The price eventually retraced to the downside beneath $10.4k. Further, a look at the hourly chart of the pair shows the breaching of the ascending channel of the previous day with support close to $10,360.

It paved the way for additional declines and the price moved under the support at $10.2k. It was able to attain near the $10k, but the 100 hourly SMA was a powerful bullish area.

The price was able to form a swing low close to $10,057 and it is now consolidating within a range.

A critical observation is the formation of a major contracting triangle with barrier close to $10,290. A look at the downside on the same chart shows that the triangle support is close to $10,180.

The major support on the downside is close to $10.1k and a move under it could keep up the downside move. The downside move could make the price retest the $9,890 support zone in the near term.

Hence, the pair may incur more gains through an upsurge over $10.3k. Besides, the price must be propelled over $10,325 to retest the $10.5k barrier.

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

 

Source: Cryptopress.

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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.