Bitcoin (BTC) Price Analysis (February 19)

2020-2-19 13:29

Key Highlights

BTC/USD trade has again relatively surged northward from $9,600 value to trade around a high point a bit over $10,000 market zone. The bulls and the bears in this crypto-trade may soon be faintly pushing around $10,400 and $10,000 market trading zones in the near time. In the meantime, the BTC/USD market bulls, expectedly going to have a greater chance than the bears in the taking the control from that trading zones.

Major supply zones: $10,800, $11,200, $11,600
Major demand zones: $9,200, $8,800, $8,400

Bitcoin (BTC) Price Analysis

The BTC/USD market value has relatively surge northward from a low point at around $9,600 mark to trade a bit above a critical price line at $10,000. At that price point presently, it would be necessary for the cryptocurrency to beef up more forces to outwit any potential stance of the US dollar, eventually gaining the market’s advantage.

At present, the crypto appears to hover below $10,400 price worth. And, that could in no time transform into a chain of range price movements around the $10,000 and the $10,400 market lines.

Bitcoin Technical Indicators Reading

The 14-day SMA trend-line is now attempting to make a cross below the trend-line of the 50-day SMA indicator. Several short 4-hour Japanese candlesticks have shown up to bottom on the 50-day SMA trend-line. That showcases that a line of choppy price movements is ongoing at the time of writing.

A successful crossing of the 50-day SMA by the 14-day SMA from the under will possibly give the BTC/USD market bulls a headway to visibly push past the $10,400 market value afterward. The Stochastic Oscillators have penetrated the overbought region. They now slightly consolidate within it.

Conclusion

The BTC/USD market bulls are now again found in a consolidation price moving position. But, this time around, it is below the $10,400 mark as against that of between February 11 and 15 trading sessions. Should the BTC/USD market go into seeing more ranging price movements, the points of the $10,400 and $10,000 will be inclusive.

 

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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