Bitcoin Price Analysis: BTC/USD trapped under short-term trendline; long-term bulls still have nothing to worry about


  • Bitcoin's long-term bull trend remains intact so far.
  • The critical resistance zone is created by $10,000-$10,100.

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday's low of $9,469, however, an upside momentum faded away on approach to $9,800. 

While the long-term trend remains bullish, the downside correction may be extended towards the support of $9,300, which is created by 38.2% Fibo retracement for the downside move from July 2019 high to December 2019 low. This area is likely to withstand the bearish pressure and attract new buyers. However, if it is broken, the sell-off may quickly gain traction and take the price below psychological $9,000 towards $8,850 reinforced by SMA50 and SMA200 on a daily chart.

On the upside, $10,000 is the key bullish target. A sustainable move above this area will mitigate the downside pressure and bring BTC back within the long-term bullish trend with the next focus on $10,500. This barrier may prove to be too hard to be taken out at first try as it has already proved itself as a strong resistance

BTC/USD daily chart

On the intraday charts, BTC/USD is moving along a sloping trendline with a short-term bearish bias. The initial short-term resistance is created by the above-said intraday trendline located on the approach to $9,800. Once it is out of the way, the recovery may be extended towards SMA100 1-hour at $9,960, while a decisive move above $10,100 (the second trendline) will signal that the correction is over.

BTC/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD may retest SMA200 weekly if $6,500 is not retaken any time soon.

BTC/USD is hovering around $6,300, down 1% on a day-to-day basis. The first digital coin has been moving within a short-term bearish trend amid expanding volatility.

More Bitcoin News

Ripple Price Prediction: XRP/USD short-term bulls aim at $1780

Ripple (XRP) has been range-bound recently. The third-largest coin settled above $0.1700, which is a good signal, but the further upside seems to be limited so far.

More Ripple News

ETH/USD locked in a range; short-term recovery capped by $134.40

ETH/USD is changing hands at $132.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The second-largest digital asset has been moving within a short-term bearish trend amid high volatility. 

More Ethereum News

Triangle pattern breakout hints BCH/USD rally beyond $250

Bitcoin Cash price if dealing with increased selling activity on Wednesday just like the other major cryptocurrencies. BCH/USD is down 1.33% on the day while the price hovers above the initial short term support at $214.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP