BTC Latest Trend Could See it’s Value Rally Above $10K

News / 03.02.2020

The BTC/USD pair is currently seeing better days, having gained enough momentum to jump over the $9,550 resistance mark. It is highly likely to drift away from the head and shoulder pattern. It appears that the pair is in a prime position to rally over $10k.

In the past week, discussions of a possible head and shoulders pattern formation were held following the pair’s price movement under $9.5k. The price made a downside slide under the $9.3k mark, but the sellers were not quite able to sink the pair’s value below the support set at $9,150.

The occurrence has paved the way for buyers’ dominance, which has raised the pair’s price over $9.4k. Moreover, the price has now gained the ability to break the barrier at $9.5k and the 100 hourly SMA.

The BTC/USD pair’s price attained a fresh high this year, which got close to $9,609 after incurring some losses. It reverted to the $9,250 zone and proceeded with the downside move to hit a low close to $9,232.

The hourly BTC against the USD chart clearly shows the formation of a connecting bullish trend line, with the support barrier value close to $9,280. Hence, it appears that support exists close to $9,280 and $9,240.

The significant support remains close to $9,150, and a move under it poses a risk of a colossal downside retracement to $8.8k or even $8.6k.

The existing barriers between the $9.5k and $9,550 marks are essential to the pair’s market value. If the price crosses over the two barriers, it will lead to more upsides towards the $10k barrier zone.

Any additional gains over $10k could lead to a $10.4k barrier in the sessions ahead. On the other hand, if the pair keeps striving close to the $9.5k and $9,550 barrier, there is a risk of declining beneath $9,240 and $9,150 support soon.

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.