Bitcoin Price Analysis – Bitcoin Gives Discount On Valentine’s Day, But Bullish Sentiment Remains

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RESULTS

• The $10000 support is a key important level for the next bullish rally.
• If Bitcoin fails to rebound at this support, a slight bearish correction is likely for Bitcoin

Since yesterday, Bitcoin’s bullish sentiment paused after facing resistance at $10450. This rejection has led to about 3% losses; bringing the current price to $10100. Due to this, BTC dominance dropped to 61.7%. The rally could resume if Bitcoin can hold above $10000 support. Otherwise, a mild bearish sentiment may flow into the market for a while before a recovery.

Key resistance levels: $10280, $10450, $10600
Key support levels: $10000, $9700, $9200

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

Bitcoin is still looking bullish on the 4-hours chart, although the price is now close to the wedge’s lower boundary, around $10000. Any time from now, we should expect a huge price movement. Considering this pattern, a bearish correction could be underway. Notwithstanding, Bitcoin’s resistance is located at $10280 and $10450. Rising above these resistances could allow fresh high at $10600.

Anyways, Bitcoin’s bullish sentiment is valid but fading at the moment. A drive below the wedge’s support could cause a heavy sell for BTC. There are lots of supports here but the key area to look out for is $9700. If BTC continues to drop, the next major support is $9200 – the blue area. Even though Bitcoin drops to these mentioned supports the long-term bullish would remain valid.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

A 24-hours retracement has brought Bitcoin’s price near important support of $10000 but the market is hovering around a key price level of $10100 at the moment. Meanwhile, the bullish sentiment remains valid in a rising channel. Currently, Bitcoin is giving a discount as we can expect a bounce-back soon.

If Bitcoin rebound at the current blue support area or around the channel’s support, the next resistance to watch is $10200 and $10400. If Bitcoin drops below this rising channel, however, we should expect a big drop to $9900 and $9700 support in the blue areas on the hourly chart. At the moment, we may need to wait for a break or bounce on the channel before entry.

BITCOIN BUY ORDER

Buy: $10055
TP: $10300
SL: $9911