Bitcoin Price Analysis – Bitcoin Is Rising Again After Losing 7%, Can It Reclaim Monthly High?

Bitcoin Price Analysis – Bitcoin Is Rising Again After Losing 7%, Can It Reclaim Monthly High?

• Bitcoin bounced back after holstering support around $9450 yesterday.
• A significant bullish rally is expected if Bitcoin can reclaim monthly high

Following a three days correction, Bitcoin saw a 7% drop to $9450 low yesterday after marking $10500 last week. Though Bitcoin has managed to recover back to where it’s now trading near $10000.The buyers appeared to have shown commitment again. So, we can expect a significant rally if the price further climbs. However, we may need to worry about bearishness if the price remains under $10000.

Key resistance levels: $10000, $10250, $10500
Key support levels: $9850, $9700, $9450

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

Bitcoin broke down from a rising wedge after witnessing a huge price movement over the past few days. This bearishness made BTC price to cut $1000, but the market bounced back following a long-wick rejection at $9450. The bounced was followed by quick gains to $9945 at the moment.

BTCUSD, 4H Price Chart – Feb 18

If Bitcoin continues to show strength, the next resistance to watch is $10250 and $10500. Meanwhile, the $10000 resistance is an important break level. If the price fails to break this resistance level, Bitcoin may retest $9850 support.

It may even roll back to the blue support area of $9700. Below this support lies $9450, which was yesterday’s low. Considering the latest buying pressure, Bitcoin is expected to grow more in the coming days.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

After losing momentum to $9450, Bitcoin found support and started a fresh increase at $9700 support – the blue zone on the hourly chart. The upward movement was followed by a breakout from a descending channel that held Bitcoin’s price for four days.

BTCUSD, Hourly Price Chart – Feb 18

This price break is almost reaching a significant resistance at $10000 – the red area. In case the buyers overcome this crucial resistance, the next level of resistance here is $10250 and $10350 at the subsequent red area. Surpassing these red zones would allow Bitcoin to reclaim the monthly high of $10482.

On the other hand, Bitcoin’s support is located at $9900, $9800 and $9700 in the blue zone. A drop below this blue zone would trigger a bearish continuation. But for now, bulls have taken over. We should expect a massive increase in the next few days.

BITCOIN BUY ORDER

Buy: $9913
TP: $9400
SL: $9750

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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.