Bitcoin Rallies above Target Price after Intense Price Battle

Feb 12, 2020 at 13:10 // News
Author
Coin Idol
Bitcoin rallies above target price

About 24 hours ago, the bulls broke the resistance at $10,200 after a rebound from a low of $9.729. The support at $10,000 is holding as the bulls continue their upward move. Interestingly, the concern of the bulls is to push the price above the target price at $10,360. Bitcoin will rally above $11,000 if the current push above the target price is successful. Then Bitcoin will rise to face the next resistance at $12,000.

It is unlikely for the bears not to put up a fight at the $10,360 price level. More so, BTC is approaching the overbought region. The pair may be compelled to a sideways move below the current resistance if the bulls fail to push above the target price.

Bitcoin Indicator Reading 

Bitcoin has traded and is above level 71 of the RSI period 14. This means that BTC is in the overbought region. Nonetheless, it is unclear how long the coin will be overbought before sellers come in to push the coin downward. The bottom line is that Bitcoin will fall in the region without the presence of buyers. The price bars are above EMAs ensuring the upward movement.                      

BTC-CoinIdol (1).png  

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7, 000, $6, 000, $5,000                      

What Is the Next Direction for BTC/USD?

With the current upward move, Bitcoin is holding about a 75% gain from the bear market. This is on the condition that the market does not nosedive to the previous lows. At the same time, the bulls also sustain the price above the $10,000 support level. Unfortunately, if the bears break below $10,000 support, Bitcoin will drop to the low of $9,800.                                                                                  

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.


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