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Bitcoin Price Prediction: BTC/USD Banks on $9,700 Support for Reversal

Bitcoin (BTC) Price Prediction – February 18

The Bitcoin (BTC) price holds above the support at $9,700 ahead of another breakout targeting $10,000 but the sideways action is anticipated between $9,700 and $9,900 in the near term.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $10,700, $10,900, $11,100

Support Levels: $8,800, $8,600, $8,400

BTCUSD – Daily Chart

BTC/USD continues to face an increase in selling activity on the first trading day this week. The lackluster action is a continuation of the weekend losses that compromised support levels at $10,200 and $10,000. It was difficult to keep the price above $9,800 during the Asian hour; however, the downward force saw the bulls disperse leaving a gap for another decline towards $9,700.

Nevertheless, Bitcoin is seen trading $9,695 after losing 0.04% of its value within 24 hours. Meanwhile, the bulls are working hard to maintain a sluggish uptrend. However, with short term volatility on the low, upward action might not be forthcoming in the current session but according to the technical indicator RSI (14), BTC/USD is trading between stacks of support and resistance.

Looking at the daily chart, slightly below the market value at $9,750, sits the first support highlighted by the previous low at $9,468. Further down, BTC/USD will find supports at $8,800, $8,600, $8,400. Meanwhile, the sideways action may likely play out in the near term as the bulls are preparing and gathering strength for the next rally targeting $10,500.

Similarly, a break above $10,000 could take some time to materialize and when the door opens, the bulls should brace themselves for more buying activities at $10,700, $10,900 and $11,100.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

Yesterday, the phenomenon recovery from $9,628 gave Bitcoin a kick above the 9-day moving average where BTC/USD moved higher a little and later broke the key resistance level of $9,700 as the market opens today. More so, the coin recently touched the $9,816 level but at the moment, it has dropped to $9,660. As the price remains in a downward trend, the critical support levels lie at $9,400, $9,200 and $9,000.

BTCUSD – 4 Hour Chart

Meanwhile, a downward correction to the $10,000 level may result in significant short-term buying interest. If there is a break above the 9-day and 21-day moving averages, the price could revisit the resistance levels of $10,000, $10,200 and $10,400 while the stochastic RSI indicator is slowly moving towards the overbought zone.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.