Bitcoin (BTC) Price Analysis (February 17)
- BTC/USD market has hit a resistance line at $10,400.
- The current falling mode may lead to more BTC/USD price falls.
- The BTC/USD market bulls may not be able to push back the trade value quickly back to the point of $10,000 line.
Major resistance levels: $10,800, $11,200, $11,600
Major support levels: $9,200, $8,800, $8,400
Bitcoin (BTC) Price Analysis
After several efforts of variant upswings, Bitcoin has hit a resistance line at $10,400. Between February 13 and 15, the pair has declined towards a low value of $9,600 line.
The BTC/USD market is now in a gradual falling move as it may further push briefly past the said price point mentioned earlier.
Bitcoin Technical Indicators Reading
The 50-day SMA indicator has been intercepted from the 14-day SMA from the top. Meanwhile, the 14-day SMA trend-line is yet located over the market trading position to show that the crypto-trade is somewhat under a declining force.
The 50-day SMA is a bit over $10,000 price value. That signifies that the bulls may not easily push back upward in the near time. The Stochastic Oscillators have slantingly bent into a consolidation moving mode closer to range 20. That may eventually lead to signifying range market movements around the $9,600 mark to find support.
As at the present, all the trading indicators have had it that the BTC/USD market may face a falling price condition in the meantime. The sell pressure may be finding entries around the smaller SMA trading indicator. A breakdown of the $9,600 mark will let the crypto-trade to find support around the major support level at $9,200 point.
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.