Here is a Critical Breakout Area for Bitcoin’s Sharp Recovery

News / 21.02.2020

BTC/USD was able to remain over the support zone at $9,350 support. At the moment, the price is recovering but needs to surge past $9,825 to experience a powerful move to the upside.

The price was able to close under $9.5k and moved further beneath $9.4k. Nevertheless, it was stable over $9,340 and $9,350. It formed a swing low close to $9,344 and it is now into recovery.

Further, a look at the hourly chart of the pair shows a surge over a contracting triangle with barrier close to $9,665. Currently, the pair is well over $9.7k, but several major barriers are ahead on the upside.

The initial barrier is close to $9,825 and the 100 hourly SMA. Hence, if the price surges past the barrier at $9,825 as well as the 100 hourly simple moving average, it might establish a larger move to the upside in the near term.

The immediate key barrier is close to $10,060 and a move over it could focus on surging past the $10.3k swing high. Any additional gains might take the price to the barrier at $10.5k.

The failure of the pair to keep up its uptrend over the barrier at $9,825 and the 100 hourly simple moving average might bring about another decline. The first support is close to $9,620.

The initial major support is close to $9.5k and a move under it could make the pair retest the $9,350 support zone. A move below $9,350 support could lead to $9,050.

Source: Cryptopress.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.