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

14 February 2020 | Updated: 14 February 2020

• 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.

BTCUSD, 4H Chart – Feb 14

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.

BTCUSD, Hourly Chart – Feb 14

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.

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Michael Fasogbon

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.