The BTC Rally To See it Surpass the $10K Mark

News / 07.02.2020

The BTC/USD price is consistently increasing above the $9.5k and $9,750 marks. Moreover, it has the potential of crossing the $10k point is a likelihood of the price to cross $10k precipitating a strong rally towards $10.4k or $10,650.

The price increased steadily over the $9.5k barrier and settled above the  $9.7k point, closing over the 100 hourly SMA.

BTC Is Strengthening 

Eventually, the price rallied over the  $9.8k level thereby attaining a new high of  $9,850 this year. Presently, it is strengthening above the $9.7k support zone.

All the same, BTC  buyers are securing the $9,750 zone. Further, looking at BTC/USD’s hourly chart points to the emergence of a major rising channel with support nearing $9,710.

Dissecting the chart further reveals the presence of short-term barriers about the  $9,850 and $9,880 levels. The pair’s current price structure is indicative of the establishment of a key upswing break beyond the $10k barrier zone.

Potential Stop Loss Action?

An upsurge over the $10k point might induce a strong rally and therefore stop loss actions. Were that to happen, the buyers could aim at either the $10.4k or $10.5k marks in future sessions. The nearest support is around the $9.7k level.

The possibility of the sellers taking the price below the level support could cause it to retrace lower to the support zone at $9.6k. Here the major support falls close to $9,520 and $9.5k.  Any move beneath these risks introducing a downturn to the trend.

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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.