Bitcoin’s Critical Short-Term Top Could Trigger a Retracement

News / 25.02.2020

The BTC/USD pair strived to remain over $9,750 and fell towards $9.5k support. The price of BTC could fall deeply following the establishment of a level under the major $9.5k support.

In recent times, the pair was rejected close to $9,880. The pair began a downside extension from the $9,847 swing high and fell under $9,750 support.

Further, it broke under $9,680 and the 100 hourly SMA. This paved the way for additional declines thereby leading to a price drop towards the major $9.5k support zone, where the buyers appeared.

The pair was able to form a swing low close to $9,481 and the price is now retracing higher. Nevertheless, several barriers exist on the upside and it starts with $9,640 and $9,680. A look at the pair’s hourly chart reveals the formation of a major selling trend line with barrier close to $9,640.

A look at the downside shows the key support close to $9.5k zone. A downside break and a close under $9.5k could empower the sellers to take a stand. If they succeed, the price could fall towards $9.2k and $9,050 support.

The initial major hurdle on the upside is close to the trend line and $9,640. The major barrier is close to $9,740 and the 100 hourly SMA. Hence, the buyers need to take the pair above the trend line barrier and secure momentum over the 100 hourly SMA for a new upsurge in the near term. Otherwise, the pair is at risk of a swift fall under $9.5k.

Featured image courtesy of Wallpaper Abyss. Source: Cryptopress.

Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.