Bitcoin Price Analysis: Why $9,600 Is The Ultimate Support For BTC/USD Bounce To $10,000?

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Bitcoin Price Analysis: Why $9,600 Is The Ultimate Support For BTC/USD Bounce To $10,000?

  • Bitcoin price hits a snag short of $9,800, leaving room for a retreat towards $9,600.
  • Bitcoin’s ascending channel is likely to shape the trend in the coming weeks.

Bitcoin is back in its bullish phase after testing lows close to $9,000 at the beginning of the week. The recovery has brought back the hope that $10,000 is nigh. Besides, many analysts including Fundstrat’s Tom Lee believe that BTC is just at the beginning of a marvelous performance show in 2020. Lee’s firm says that in the past Bitcoin has rallied at least 197% following breaks above the 200-day SMA.

Bitcoin rally on Wednesday broke some key barriers including $9,600 and $9,700. The surge pulled Bitcoin to a high of $9,765 (price level traded beginning of last November). The next hurdle at $9,800 was left untested allowing for a retreat. Bitcoin price is dancing at $9,581 amid a growing bullish momentum.

In spite of the correction from the recent high, Bitcoin is likely to recover, especially now that the bulls know that $10,000 is within reach. The ascending channel has defined BTC’s upward trend since mid-December and could continue to do the same in the coming weeks.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The Elliot wave Oscillator in the daily range continues to record a bullish session since January 6. The moving average gap between the 50 SMA at $8,857.67 and the 200 SMA at $8,201.52 is narrowing as a reflection of the growing bullish grip. With the right volume, Bitcoin has the potential to return to levels above $10,000.

Bitcoin Key Levels

Spot rate: $9,595

Relative change: -18.14

Percentage change: -0.14%

Trend: Bullish (BTC’s recovers from the retreat to $9,600).

Volatility: High

Support: $9,600, $9,400 and $9,200.

Resistance: $9,700 and $9,800.

 

 

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Bitcoin Price Analysis: Why $9,600 Is The Ultimate Support For BTC/USD Bounce To $10,000?
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Bitcoin Price Analysis: Why $9,600 Is The Ultimate Support For BTC/USD Bounce To $10,000?
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Bitcoin price hits a snag short of $9,800, leaving room for a retreat towards $9,600. Bitcoin’s ascending channel is likely to shape the trend in the coming weeks.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 575 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @