Bitcoin Price Analysis –Bitcoin Reclaims $10000 After Breaking-Up Channel, Where Next?

Bitcoin Price Analysis –Bitcoin Reclaims $10000 After Breaking-Up Channel, Where Next?

• Bitcoin trades above $10000 following a significant price movement
• Buyers eye $10500 but Bitcoin is looking for near support for a rebound

Yesterday, Bitcoin successfully close above the $10000 price level after seeing a moderate gain from $9450 low. Currently, Bitcoin is trading around $10100 with a $183.5 billion market cap. We can expect the upswing to continue soonest. Reclaiming $10482 resistance is important. Otherwise, the short-term bull sentiment is likely to end.

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

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Bitcoin started a new bullish rally after witnessing a minor correction over the past few days. Despite this correction, the price continued to respect the rising channel that was formed since early January. From $9450 low, Bitcoin has added up by $700 to reach $10250 yesterday.

BTCUSD, Daily Price Chart – Feb 19

The price has dropped a bit to $10100, looking for support around $10000. If Bitcoin regains momentum above this support, we can expect buying to $10250 and $10500 resistance in the coming day. It might even reach $10800 if the bulls can surpass the monthly high.

A drop below $10000 level could cause a panic sell at $9850 and $97000. That will occur if Bitcoin continues to show weakness. As it stands now, buyers are showing interest as more growth is expected in the future.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Few minutes after our previous crypto trading signals, Bitcoin surged to $10250 following a rally from $9600, though the initial setup was plotted from $9450. The bullish move was confirmed with a channel breakout. Following the ongoing retracement to the blue zone of $10050, Bitcoin is expected to bounce back shortly.

BTCUSD, Hourly Price Chart – Feb 19

However, Bitcoin is likely to face a multiple resistance in the coming bullish swing. The key resistance level to watch out for is red areas of $10350 and $10450, though the previous resistance ($10250) is important.

In case Bitcoin falls below the current blue support zone, the key support to keep in mind is the next blue area of $9830. Below this support lies $9600 from where Bitcoin regained momentum back yesterday. Looking at this setup, there’s high probability for bullish than bearish.

BITCOIN BUY ORDER

Buy: $10063
TP: $10350
SL: $9900

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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.