Bitcoin price slides below $10,000 after a day-long of acceptable bullish bias as it trades around $9,800.
Why acceptable?
Saw price at 10k, took a nap.
One hour later, 10k again. Yawn.
Looks at the chart. Holy shit that’s some scam wicks— Squeeze (@cryptoSqueeze) February 10, 2020
Having said this, we are definitely aware about the volatile nature of the BTC and crypto market that was seen crashing in the early hours of the day, today, as it consolidates downsides. The coin is currently trading below 61.80% Fib Retracement level due to a steep intraday fall.
There would have been many such instances in the past when the Bitcoin price would have immediately crashed after ranging to a certain height. However, this time it is anticipated to be a trustworthy hike and rally due to the bullish moves for 5 days straight without a hint of volatility as confirmed by 20-day Bollinger Bands.
Bitcoin Price Analysis:
Analyzing the above BTC/USD 2-day movement on Coinbase, we see that the coin was ranging at a revised 90-day high at $10,200 until the opening hours, today. However, after a green trade over the past 5 days, Bitcoin lost the momentum and experienced a steep fall where it bottomed at $9,736.82.
The 20-day Bollinger Bands laid are seen having a wide gap that projects about the upcoming volatility, where we either await $10,500 or even $9,500. Bitcoin has also left the biding support from the daily moving averages due to a steep fall where the price trend of BTC crashed through the lower Bollinger Band.
Simultaneously, we had also observed the altcoin market ranging and hitting new highs, but at present, all the major coins are trading in red with a negative candlestick breakout.
$BTC – This pullback is nothing we haven’t seen before on the way up.
The bulls still have control. Things only become bearish when we start forming lower lows.
So far the trend is still in tact. #Bitcoin pic.twitter.com/o7jfweEie2
— Kevin Svenson (@KevinSvenson_) February 10, 2020
Also, we do not consider this to be an ultimate end of Bull Run until the Bitcoin trend forms consecutive lower lows and enough to believe that pullback is something that is not new to crypto investors.
The assigned technical indicator, RSI of BTC, is at 51.31 and has still not hit the support at 30 which makes it easy to trust the power of the ongoing Bull Run with the day of relaxing in between.
