BTC Might Face Retracement after Bought Time on The Top

News / 25.02.2020

Recently the BTC/USD pair has been striving to remain over $9,750 but later fell towards the $9.5k support. BTC price can plunge even more profound, even below the $9.5k support level.  

The pair met a barrier at $9,880 but began a downward drop from the $9,847, falling below the $9750 support.

It broke even further to below $9,680 and the 100 hourly SMA.  The drop paved the way for even harsher price declines towards the $9.5k support zone where buyers began to appear.

Later the pair managed to swing low, close to $9481with the price retracing higher. Several barriers are still present on the upside from $9,640 to $9,680. There is a creation of a significant selling trend line with barriers at just about $9,640. 

Moreover, looking on the lower side, there is a crucial support zone at around $9.5k. A downside break will force sellers to take a stand, which could lead to a plunge towards the 9.2k zone, and $9,050 support. 

The initial barrier on the upside is at $9,640. The significant barrier is at 9,740 at the 100 hourly SMA. to experience a new upsurge soon; buyers should take the pair above the trend line and secure momentum at around the 100 hourly SMA for a short term upsurge. Under the current drops,  the pair is still at risk of falling below the $9.5k mark.   

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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.