Bitcoin Price Analysis – Bulls Take Rest After Surging At $9800, Where Is Bitcoin Heading Next?

Bitcoin Price Analysis – Bulls Take Rest After Surging At $9800, Where Is Bitcoin Heading Next?

• Bitcoin is stuck under $9800 but a continuation is likely if buyers push stronger.
• The next mid-term targets for Bitcoin is $10400 resistance, $9200 may come as support.

Bitcoin continued to show strength after claiming $9800 (Bitfinex) yesterday, though the market has since remained stable around this mentioned price. Bitcoin is gathering momentum for another move. This time, $10000-$10400 would be the next hit on the upside. An inverse move could slip price at $9400 or even $9200 before bouncing back. However, the future still looks bright for long-term traders and investors.

Key resistance levels: $10000, $10400
Key support levels: $9200, $8800

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Bitcoin is trading in a rising wedge following early January breakout from a long descending channel. This positive sentiment was footed by an inverse head-and-shoulder pattern, as shown on the daily chart. Bitcoin currently trades around the wedge’s resistance, which suggests a potential pullback. Support is located at $9200, on the wedge’s lower boundary.

BTCUSD, Daily Chart – February 7

In case Bitcoin continues to climb, the next level of resistance to watch out for is $10000, followed by $10400 – where the grey zone lies. If Bitcoin breaks below the wedge boundary, we can expect the market to drop into the blue support area for a rebound. As it stands now, Bitcoin is very bullish.

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

Bitcoin continues to keep a wedge formation, but it appeared that this bullish pattern may soon collapse. As we can see, Bitcoin’s volatility is becoming low as price approaches a tight angle. After surging from a 7 days consolidation cycle, BTC has remained in a squeeze over the past few hours now. However, there’s still more room to climb at $10000.

BTCUSD, 4H Chart – February 7

Meanwhile, Bitcoin’s price is stuck at around $9800 since yesterday. If this price level continues to prove difficult for the bulls to overcome, the price of BTC could drop to the blue support area of $9200 before gaining momentum back higher. It would become worrying for the bulls if Bitcoin drops below this mentioned support zones. Nonetheless, the bullish sentiment is still valid on the 4-hours chart.

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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.