Bitcoin (BTC) Price Analysis (February 10)
- 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.
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.