Bitcoin Quite Bullish Despite Selloff; It Could Surpass $11k
The price of the BTC/USD pair fell sharply below the USD 10.5,000 barrier mark. Even so, the price remains above the $ 9.8k base support and could see a new rally soon.
The pair maintained buying sentiment over the $ 10.3,000 zone the previous week. The rally grew to $ 10,5,000 and reached levels above the SMA 100.
It hit a new 2020 high of $ 10,507 eventually before initiating a downward correction. The pair appears to have tried to surge above $ 10.5,000, but buyers could not do so.
As a result, the pair fell below $ 10.4K and $ 10.3K, bouncing below the $ 10,000 support zone. However, looking at the 4-hour chart, the duo reveals that together with its 100 SMA, it offers nearly $ 9.8k strong support.
Bitcoin Price Prediction
The pair managed to form a swing low near $ 9,764 and is currently booming. Moreover, a significant uptrend line is forming on the same chart with support close to $ 9.8K support.
On the upside, the first barrier approaches $ 10,140. If the price jumps above $ 10,140 and $ 10.2,000, it could pave the way for even more significant advances. The rally could prompt buyers to focus on breaking above $ 10.5,000 and visiting the $ 11,000 zone.
The downside, the pair is supported at the $ 9,800 support, and the 100 SMA is vital. An appearance of a daily close below $ 9,800 support could prompt it to aim above the $ 9,500 support.
If the pair returns to the downside, there is a more substantial possibility of a decline toward the $9k support zone.
by Wayne Jones
by Wayne Jones
by Wayne Jones