Bitcoin (BTC) Price Analysis (February 10)

Key Highlights

  • BTC/USD market has been striving to surge northward against the trade value of the US dollar.
  • The pair has been trading in a declining mote to relatively suggest a resurface of a dump in the BTC/USD market valuation.
  • The market point at $10,400 may remain a vital line in the determining of a bullish trend continuation of the BTC/USD.

  • Major resistance levels: $10,400, $10,800, $11,200
  • Major support levels: $9,200, $8,800, $8,400

Bitcoin (BTC) Price Analysis

Bitcoin has been over the time striving to surge northward against the trade value of the US dollar in the global crypto-market operations. In the recent past, the pair traded below its current major support level at $9,200 point. The BTC/USD market reached a high mark yesterday, around $10,200 line.

As at the time of writing, the pair has been in a declining mote to relatively suggest a resurface of a dump in the BTC/USD market valuation. However, the present slight downward price movement may be invalidated should the first major resistance level at $10,400 point breach northward.

Bitcoin Technical Indicators Reading

The 14-day SMA trend-line has now been slightly traded against downwards. Though, the bigger 50-day SMA trading indicator is underneath the market point as at the time of writing.

The 50-day SMA is located at another critical price point at $9,600. The Stochastic Oscillators have crossed the hairs from overbought region to point southward at range 60. That indicates that the bears are in the push of the crypto-trade. Strong price actions are necessary to determine timely sell order in this trade.

Conclusion

As the flagship cryptocurrency now trades below its immediate major resistance level against the 14-day SMA indicator signifies that the bulls have been gradually relaxing their strength in the market. The bears may continue to have a stronghold of the market, while the $10,400 price value remains resistant to a further upswing of this crypto-trading operation.

Disclaimer: The presented information is subjected to market conditions 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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ben Jordan
Ben Jordan
Ben began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

IRS to Revise Form 1040 to Make it Harder for Traders to Escape Crypto Tax Obligation

The Internal Revenue Service is planning to change the 2020 tax form and make sure all taxpayers report about their cryptocurrency transactions. The standard 1040...

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today