Bitcoin (BTC) Price Prediction – February 19
BTC/USD may be heading back for another purposeful retest of the barrier at $10,500.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $10,900, $11,100, $11,300
Support Levels: $9,300, $9,100, $8,900
The BTC/USD has started a strong increase above $9,700 and $10,000 and it is currently consolidating, which could soon rise above $10,200 for the next bullish move. Yesterday, we saw a new weekly low at $9,610. Later, the Bitcoin price started a decent upward move above the $9,700 and $9,800 resistance level. The bulls gained pace above the 21-day moving average, $10,000, and later crossed above the 9-day moving average. As a result of this, the price traded towards the $10,300 level and a new intraday high was formed near $10,304.45.
Moreover, as the market opens today, BTC/USD started correcting lower below $10,200. However, there are many supports on the downside near $10,100 and $10,000. On the upside, the $10,200 level is a key hurdle for Bitcoin. Therefore, the price must settle above the $10,200 resistance level to continue higher in the near term. In the mentioned case, the bulls are likely to aim a break above the main $10,500 resistance level. If they succeed, the price could even hit the $10,900, $11,100 and $11,300 resistance levels in the near term.
In other words, if the coin fails to surpass the $10,200 resistance level and remain below the 9-day and 21-day moving averages, as the stochastic RSI stays within the oversold zone, BTC/USD could resume its decline and the first major support is near the $10,000 level while the next one is near the $9,700 level. The last line of defense is around the $9,500 level below the 21-day MA. Any further losses might open the doors for a larger downward move towards the $9,300, $9,100 and $8,900 support levels.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Bitcoin’s price is now above the 9-day and 21-day moving averages trading around $10,092 after rebounding from $6,679 in yesterday’s trading. Looking at the 4-hour price chart, we can see that the bearish supply is coming back slowly in the market, but the bulls are also trying to defend the $9,900 support. Meanwhile, the $9,800 support level and below may come into play if BTC breaks the above-mentioned support.
However, if buyers can strengthen and energize the market, we can expect a retest of $10,300 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to hit the $10,400 and above. However, the stochastic RSI is within the overbought territory, we may expect more bearish signals in the market soon.
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