BTC Expected To Move Above The $11,000 Mark
The BTC/USD pair has started 2020 on a high note, grossing at $10,406. The BTC’s current focus, on a wave of a new bullish run, is to gloss at just over $10.5k in the near term.
The BTC Price Trend Generation
The near past hasn’t been so friendly, however. Prices slumped to beneath the $9,850 support, after having hit $10k earlier. The features even dropped to the murky $9.7k zone creating a somewhat modest rallying base.
A new upsurge however followed this up, jumping above the $9,850 barrier and the 100 hourly Simple Moving Average (SMA) To add on that, the bearish channel of the previous day was traversed close to $9,760.This situation consequently spurred price rallies to over $10k. The rally held up, prices surging past the $10.2k mark to set a new 2020 high of $10,406. At the time of this writing, an expected gain correction on the pair is hovering just below $10,350.
Needless to say, the price is still clearly above the former $10.2k high. Hourly charts even hint at the possibility of the pair forming a bullish run as a pattern continuation, to peak at a new $10,385 barrier. If the surge holds ground to peak both the triangle barrier and the $10.4k mark, good times of more gains lie ahead. To add to that, the immediate barrier lies close to $10.5k. If the surge holds and breaks it, prices of $10.8k and even the $11k mark aren’t unfeasible.
What to Expect
Looking at the other side of things, there are a handful of support formations touching on around the $10,200 mark. If a slump beneath this support mark does occur, a new $10,050 support zone should be realized.
The immediate key support is averaging at around $9,970, being closer to the 100 hourly SMA. Any additional drops will undoubtedly set new support lows, possibly up to $9.5k. The bullish market continuation at the hourly chart makes this less likely, however, supporting the possibility of a sustained price surge.
by Wayne Jones
by Wayne Jones
by Wayne Jones