BTC May Rise to $10000 After Downtrend

News / 06.02.2020

The BTC/USD price sustained over $9k and surged to $9.5k, and it is now suggesting a powerful uptrend to $10k. Recently, the price corrected to the downside from $9.6k to $9.4k and $ eventually to $9.3k.

The price then formed a swing low close to $9079, and the price rose over the barrier at $9.2k. The buyers gathered momentum, thereby phishing the price above the 100 hourly SMA and the $9.5k hurdle zone. 

Eventually, the price surged over the $9.6 barrier zone and got to a fresh high in 2020 at $9764, which is currently retracing lower beneath $9.7k. However, the past barrier close to $9.5k and $9520 is now a powerful support zone.

Observing the BTC/USD Hourly Chart

The BTC/USD hourly chart reveals the formation of a critical buying trendline with support close to $9460. A look on the upside shows near-term barriers close to $9.7k and $9750. If the price breaks over $9750, it could establish a sizable upward move. The key target is $10k and eventually $10.2k.

An observation on the downside shows many critical supports for Bitcoin buyers close to the $9500 zone. Any further declines could result in $9340 and the 100 hourly simple moving average for buyers to become active.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.