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BTC/USD Long-term Trend: Bullish
Despite, the recent retracement to the low of $9,729, the bulls lived up to expectation. Today, the price has gone up to the high above $10,250. As the price rebounded from the low, the bulls will pick up momentum to push the price above the $10,360. The target price of $10,360 is a critical resistance and a historical price level. Bitcoin will rally above $11,000 if this target price is overcome. If the current move is successful, Bitcoin will face another resistance at $12,000.
In earnest, the upward move has resumed above the $10,000 mark. Nonetheless, the bulls have to sustain, the current momentum so that the price will remain above $10,000. It is unlikely if the bears will break below $10,000.
Daily Chart Indicators Reading:
Bitcoin is approaching level 71 of the daily Relative Strength Index period 14. As the coin is approaching the overbought region, the extent of the upward move is doubtful. Will the bulls break the resistance at $10.360, before the market reached the overbought condition?
BTC/USD Medium-term Trend: Bullish
On the 4 hour chart, the coin retraced from the high of $10,200 to the low of $9,729. Then it rebounded from its current low and broke the resistance at $10,200. The coin bounces back almost at the support of the trend line. On the other hand, the bears would have sunk the coin if the trend line is broken below.
4-hour Chart Indicators Reading
Bitcoin is above 20% range of the daily stochastic. BTC is now in a bullish move as it breaks the target price of $10,360. On February 6, the moving averages have a bullish crossover indicating the upward move. The price rally has broken the current resistance but the price is yet to close above it.
General Outlook for Bitcoin (BTC)
Bitcoin is about to reach the target price of $10,360 according to market sentiment. It is also anticipated that once the target price is reached, the momentum will continue above $11,000. Nonetheless, it doubtful how far the price movement will last. Bitcoin is already approaching the overbought region of the daily Relative Strength Index.
BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $10,252
Stop: $10,000
Target: $11,000
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
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