Bitcoin (BTC) Is Repelled as It Makes Lower Lows and Lower Highs

24 February 2020 | Updated: 24 February 2020

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
Today, Bitcoin is retracing after being resisted from the $10,000 price level. The bulls were making an upward move after the coin rebounded at the low of $9,290. The upward move was interrupted at the resistance of $10,000. BTC fell to a low of $9,600 and pulled back. The downward move is likely to continue.

At the moment, BTC has been fluctuating between $9,400 and $10,250. It is anticipated that if the price falls below $9,400, the downtrend will resume. On the upside, the bears have heavily defended the resistance levels. The bulls have made two unsuccessful attempts at the $10, 000 resistances but were repelled. The downward move is likely to continue.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
The Relative Strength Index period 14 is level 52. Bitcoin is gradually approaching the downtrend zone. At level 52 it is above the centerline 50, which indicates that it may rise. It is likely to further depreciates and RSI may reach the downtrend zone.

BTC/USD Medium-term Trend: Bearish
On the 4- hour chart,, BTC is making a series of lower lows and lower highs as the price falls. The market has  narrowed the resistance levels from a high of $10,400 to $10,000 resistance. The price is currently  resisted at $10,000 price level

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Bitcoin is below 50% range of the daily stochastic. This means that the coin is in bearish momentum. BTC is currently falling after the resistance at $10,000. Meanwhile, the price bars are almost below the EMAs which will propel the downward move.

General Outlook for Bitcoin (BTC)
Bitcoin may continue to fall if the bearish momentum is sustained. The tussle for the price has been narrowed between $9,400 and $10,000. The bears are now approaching the low of $ 9,400 to break it. This critical support at 9,400 will determine whether the downtrend will continue.

Instrument: BTC/USD
Order: Sell
Entry price: $9,760
Stop: $9,900
Target: $8,400

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.