BTC Expected To Move Above The $11,000 Mark

News / 12.02.2020

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.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.