Bitcoin Price Analysis – Bitcoin Bounced Back Above $10000, Is $11000 The Next Bullish Target?

Bitcoin Price Analysis – Bitcoin Bounced Back Above $10000, Is $11000 The Next Bullish Target?

• Bitcoin regain momentum at $9700 support after a strong bullish actions
• The next short-term target for Bitcoin is $11000

After locating support around $9700, Bitcoin bounced back above the previous high of $10200 level. Not just that, Bitcoin has marked a new high around $10350 on Bitfinex today. The bulls are back again. This time, we should be expecting $11000 as the next short-term price rally.

Key resistance levels: $10700, $11000
Key support levels: $10200, $10000

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Looking at the daily chart, Bitcoin is still strongly bullish. As we can see, the price has continued to hold in the rising channel that started to form after breakout out of a long bearish phase. Following this momentum, Bitcoin’s next target is located at $10700 resistance. The resistance above this is $11000.

BTCUSD, Daily Chart – February 12

Though, we may need to watch out for potential support for pullbacks, which is close to the current trading price level. The support area here is $10200. The next support area to keep in mind is $10000. But as it stands now, Bitcoin’s price is more likely to see a massive gain in the next few days. The only thing that could trigger a bearish swing is if Bitcoin breaks below the yellow channel boundary.

Bitcoin (BTC) Price Analysis: 4H Chart – Bullish

Bitcoin found support around the $9700 following a sharp recovery from $9750 over the past hours. This surge has brought back buying pressure in the market as Bitcoin now trades around $10319. More importantly, the bullish pattern continued to remain valid on the 4-hours chart. Currently, Bitcoin is waiting for the next rally.

BTCUSD, 4H Chart – February 12

If Bitcoin’s price continues to climb, the price is likely to smash $10500 and even $10700 to meet the channel’s resistance. Further growth could allow BTC to reach $11000 in no time. However, if Bitcoin drops a bit, the price may retest the $10200 before bouncing back. There’s also support around the $10000 but that doesn’t look realistic for now. At the moment, the major price movement to consider for this market is bullish.

BITCOIN BUY ORDER

Buy: $10250
TP: $10500
SL: $10150

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.