BTC on Rocky Grounds as Its Price Faces Rejection before $9.5k

News / 04.02.2020

The BTC/USD price could not surge over the barrier at $9.5k, leading to its plunge. It may rise or fall significantly depending on the coming days. Yesterday, the BTC/USD pair experienced a short-term incline over the border at $9.5k. The price continued over the $9.6k level and attained a fresh high in 2020 at $9609.

However, the buyers failed to sustain the price over the significant $9.5k barrier. Therefore, a new fall ensued under $9.4k and the 100 hourly SMA. The price fell under the $9.3k level and visited the $9.2k support zone. It formed a low close to $9223, and it is now into consolidation over $9220 and $9.2k support.

Analyzing the BTC Hourly Chart

The BTC/USD hourly chart reveals a barrier close to $9320 on the upside. Similarly, there is a critical observation in forming a bearish channel with a border close to $9320. On the downside, there is the formation of a confluence of supports close to $9.2k.

The price’s failure to remain above $9.2k and $9150 support may lead to further decline. If there is a further drop, the price may fall under the $9k support zone. The immediate critical support is close to $8.8k, where buyers could become more active.

The BTC/USD pair needs to rise over the $9.3k and the channel barriers, for a modest upward move. The primary barrier got observed close to $9420. A successful surge over $9420 and a close over the 100 hourly simple moving average could raise the likelihood of more upsides over $9.5k and 9.6k in the short term.

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.