Bitcoin Price Analysis – Bitcoin Looking For A Rebound Around $9600 As Selling Pressure Subdues

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11 February 2020 | Updated: 11 February 2020

• Bitcoin’s major level for a rebound lies at $9600 support
• If the buyers fail to regroup at this support, Bitcoin would be doomed for short-term bearish

After facing rejection around $10200 yesterday, Bitcoin has further dropped to the $9700 area we mentioned in our previous crypto trading signals. This hourly support has seen a small bounce but the price may keep dropping if the sellers are still showing commitment. If the bulls charge-back, however, Bitcoin would recover quickly towards the previous resistance levels.

Key resistance levels: $10000, $10200
Key support levels: $9600, $9200

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

Bitcoin is slowly correcting at the rising wedge’s support of $9600 on the 4-hours. The slight price drop was led by a strong resistance level of $10200. Meanwhile, Bitcoin is still looking bullish on a long-term. We can expect Bitcoin to bounce back once the market test the immediate blue zone of $9600.

BTCUSD, 4H Chart – Feb 11

From here, the market is expected to buy-back at $10000 and $10200 before breaking higher. If a rebound fails and Bitcoin slumps, the closest support to watch out for is the next blue zone of $9200, right beneath the wedge. This break would trigger a short-term bearish. But as it is now, Bitcoin remains bullish on the mid-term.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

On the hourly chart, Bitcoin is slightly bearish and currently trading around the $9700 support which would determine the next direction of the market. Two things are likely to happen here: a break or a bounce. This bearish move was triggered yesterday following a sharp wedge breakdown.

BTCUSD, Hourly Chart – Feb 11

In case Bitcoin manages to bounce from this $9700 support, we should expect an upward price movement in no time. The $10000 and $10200 resistance would be the next target but Bitcoin needs to reclaim a near resistance at $9900. A further bearish move could floor BTC price at $9550 support, in the next blue horizontal zone. Bitcoin may fall heavily if the price drops below this support.

BITCOIN SELL ORDER

Sell: $9788
TP: $9658
SL: $9948

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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.