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Bitcoin Price (BTC) Could Resume Its Uptrend Above $10,300

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Bitcoin Price (BTC) Could Resume Its Uptrend Above $10,300
By Aayush J- February 14, 2020
Bitcoin Price
Bitcoin price started a downside correction from the $10,500 swing high. BTC to USD tested the $10,060 support area and it is slowly climbing higher.

Key Takeaways: BTC/USD
Bitcoin price is currently trading well below the $10,500 resistance area against the US Dollar.
BTC/USD is holding the $10,100 support level and a connecting bullish trend line on the 2-hours chart (data feed from Bitstamp).
Ethereum is trading nicely above the $262.00 and $265.00 support levels.
Bitcoin Price Analysis
After a strong upward move, bitcoin price broke the $10,400 area. However, BTC to USD failed to continue above the $10,500 resistance area and formed a short term top near the $10,501 level.

Bitcoin Price 

Looking at the 2-hours chart, bitcoin started a downside correction from $10,500 and traded below the $10,320 level. Moreover, there was a break below the 23.6% Fib retracement level of the rise from $9,708 to $10,500.

Recently, the bulls were able to defend the $10,100 support area and the 50 simple moving average (2-hours, purple). Besides, the 50% Fib retracement level of the rise from $9,708 to $10,500 also acted as a strong support.


 
More importantly, bitcoin price is holding the $10,100 support level and a connecting bullish trend line on the 2-hours chart. If the price fails to stay above the $10,100 support and the 50 simple moving average (2-hours, purple), there could be more downsides.

The main support is near the $10,060 level, below which there is a risk of a drop towards the $9,895 level. It represents the 76.4% Fib retracement level of the rise from $9,708 to $10,500.

On the upside, there is a strong resistance forming near the $10,300 level. A clear break above the $10,300 level could open the doors for a larger upward move towards the $10,500 and $10,600 resistance levels. Any further gains could lead the price towards $10,850.

The overall trend is still positive for bitcoin as long as the price is above the $10,060 support area. If not, it could decline heavily below the $10,000 support level in the coming sessions.

Live Bitcoin (BTC) Price:
1 BTC/USD =$10,350.82 change ~ 1.02%
Coin Market Cap

$186.69 Billion
24 Hour Volume

$8.67 Billion
24 Hour VWAP

$10.24 K
24 Hour Change

$ 104.1600
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1D
1W
1M
3M
1Y
ALL
Value
$
10,288.46
Jan 20
Jan 27
Feb
Feb 10
8,000
8,500
9,000
9,500
10,000
10,500
Volume
$
81,491,990.76
Jan 20
Jan 27
Feb
Feb 10
0
100,000,000
200,000,000
Jan 20
Jan 27
Feb
Feb 10
Previous Review
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Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

 
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