Bitcoin Price Analysis – Bitcoin Records Fresh Monthly High After Breaking $9600, Is $10000 The Next Target?

Bitcoin Price Analysis – Bitcoin Records Fresh Monthly High After Breaking $9600, Is $10000 The Next Target?

• Bitcoin is set to print a new monthly high after breaking out of a week consolidation cycle.
• Following the recent break, Bitcoin now relies on $9600 for the next major rally.

In our previous crypto trading signals, we mentioned the next potential move for Bitcoin after locating support around $9100 yesterday. Now, this support has held price action as Bitcoin creates new 2020 high around $9700. More importantly, BTC is now trading above the seven-day box on the price chart. In the next few hours or days, we should expect Bitcoin to hit $10000 mark.

Key resistance levels: $9800, $10000
Key support levels: $9400, $9100

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

Over the last 24-hours trading, Bitcoin’s price has climbed back after dropping to around $9100. BTC is currently aiming the channel’s resistance at $9800. This price area is expected to come in the next few hours or so. It may even spike to $10000 if the price breaks above this rising channel.

BTCUSD, 4H Chart – February 6

In case of a channel bounce, Bitcoin’s price may drop to back to the lower boundary of the channel with potential support at $9400 and $9100. But looking at the MACD indicator, Bitcoin is just preparing for a new upward move. Inversely, the RSI is now testing the overbought level. Following the recent break above $9600, however, Bitcoin is set to print another high in the next few days.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Yesterday, Bitcoin traded as low as $9100 before gaining momentum to where it’s currently trading around $9638. Since the price moved out of the seven days consolidation cycle, Bitcoin retraced to the break level and bounced back. But currently, the premarket is subdued with choppy price actions. Though, BTC is preparing for the next rally towards $9800 and perhaps $10000.

BTCUSD, Hourly Chart – February 6

Looking at the technical indicators, Bitcoin has reached the highest region on the RSI and the MACD. As we can see, the price is on the verge to roll down. If a bearish scenario occurs, Bitcoin is likely to find support around $9400. Below this support lies $9200. As of now, the market is still indecisive on the hourly chart. We may need to wait for a while to know the next possible direction of the market.

BITCOIN BUY ORDER

Buy: $9617
TP: $9987
SL: $9477

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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.