Bitcoin (BTC) Price Prediction – February 12
Bitcoin price approached $10,400 in a new bull-run that followed a recent dip to the support at $9,800. Meanwhile, the pullback was indeed necessary for the surge above $10,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $11,000, $11,200, $11,400
Support Levels: $9,500, $9,300, $9,100
BTC/USD soars back in the old weekly trading price range as it joins the Bull rally again after two days of relaxation. With this BTC marks a fresh 2020 high above $10,400 in the past 24 hours and its likely to face major resistance at $10,500. BTC/USD is likely to face strong resistance at $10,800, followed by $11,000 and it is believed to consolidate and retest support at $10,000 and $9,800.
Currently, the market price for BTC/USD and the daily candle is trading at $10,393 but if the bulls could successfully push the price above the channel, the next resistance levels may be found at $11,000, $11,200 and $11,400. Typically when the new uptrends are beginning to form, traders will use both the 9-day and 21-day moving averages as the nearest support level.
However, any failure by the bulls to move the price up, we may see a price cut to $9,800 vital support. A further low drive could send the price to $9,500, $9,300 and $9,100 supports. For now, the bulls are still dominating the market. But as things stand, the BTC/USD price may continue to follow the upward trend because the RSI (14) is about to re-enter the overbought condition once more.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the bears wanted to step back into the market by bringing the price from $10,486 to $10,254, but the bulls quickly held the support by picking the price from there to where it is currently trading at $10,389 which is above the 9-day moving average. Meanwhile, the $10,700 and above may come into play if BTC/USD breaks above the channel.
However, if the price breaks below the 9-day moving average of the ascending channel and begin to fall, the support levels of $10,100 and below may be in focus. Meanwhile, as the stochastic RSI moves within the overbought zone, more bullish signals may play out before a reversal could come in.
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