Bitcoin Quite Bullish Despite Selloff; It Could Surpass $11k

News / 16.02.2020

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.

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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.