Bitcoin Price Prediction – February 10
The Bitcoin price prediction shows that BTC continues to face the uptrend after touching the daily low of $43,210.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $40,000, $38,000, $36,000
BTC/USD looks green today as the price hovers above the resistance level of $45,000 from the low of $43,210. However, a daily close above the $45,500 level may increase the Bitcoin price to $48,000. However, traders should take into account that a steady increase in prices can bring more buyers to the market as bulls increase their positions.
Bitcoin Price Prediction: Price May Increase the Bullish Signals
According to the daily chart, the Bitcoin price touches the daily high of $45,726; the first digital asset is now looking forward to touching another resistance level of $46,000. Furthermore, the daily chart reveals that if the 9-day moving average stays above the 21-day moving average, it will keep the coin higher.
Meanwhile, the bears may take advantage to break below the $44,000 level if the bulls fail to move the price above the upper boundary of the channel. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross into the overbought region. More so, if the Bitcoin price crosses above the channel, it could hit the resistance levels at $50,000, $52,000, and $54,000 but facing the south may bring the price to the supports at $40,000, $38,000, and $36,000.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
According to the 4-hour chart, Bitcoin price is hovering above the 9-day and 21-day moving averages. However, intraday trading is rising as the coin moves toward the upper boundary of the channel which could reach the resistance level at $48,000 and above.
On the contrary, if the sellers bring the market downward, traders can expect a fall below the 9-day and 21-day moving averages, and breaking this barrier may further bring the price towards the lower boundary of the channel to reach the support level of $43,000 and below. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross into the overbought region, suggesting more bullish signals.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Read more:
Credit: Source link
