BTC Signals a Declining Trend as it Stands on the Brink of Retracement

News / 19.02.2020

The price of BTC/USD is yet to surpass the $10.2k mark.  Since the pair experienced a massive decline under $9.8k,  it is debatable to say there might be a risk of retracement.

On the previous day, a notation was made regarding the crucial barrier zone which currently stands at $10.2k. There were two trials to surge past barriers at $10.2k and $10.3k.

However, several hurdles saw buyers fail to gain momentum over $10.2k. The pair was vaguely successful in forming a swing close to $10.3k which subsequently led to a decline in price under the $10k support zone.

The hourly  BTC against the USD chart did show that the main declining trend line in the previous day sourced a powerful barrier close to $10.2k. The pair traded under $9.8k and $9.7k following a 5%.

The pair went on to the downside trading under the $9.5k support zone, promptly attaining a fresh weekly low at $9,344. An upside look revealed several critical barriers starting at $9,750. The frontmost major barrier lingers between $9.8k and $9,820.

Hence, it is imperative for the pair to move past the barrier at $9,820 for a new attempt to surge above the barrier at $10.2k.

The failure of the pair to extend the upside moves over $9.8k and $9,820 poses a risk of additional declines. The first support is close to $9.5k.

If the price goes below the $9.5k mark, it could force the pair into a declining zone. If the price reaches the zone , the sellers could shift their focus on testing the $9k support zone.

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.