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Bitcoin Price Prediction: BTC/USD Endures Retreat Under $10,000 But Recovery Seems Imminent

Bitcoin (BTC) Price Prediction – February 17

Bitcoin price is under pressure below the $10,000 support level but the bears seem to be in control as the price even failed to stay above $9,800.

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

Key levels:

Resistance Levels: $10,800, $11,000, $11,200

Support Levels: $8,900, $8,700, $8,500

BTCUSD – Daily Chart

BTC/USD is struggling to secure support above $9,700 following a painful retreat from last week’s highs of $10,515. The trading in the weekend session was characterized mainly by increased selling pressure. With the path of least resistance maintaining the downside, BTC/USD shuttered several support areas including $10,400, $10,200 and the retracement level of the last drop from $10,515 to $9,074 around $10,000.

Meanwhile, BTC/USD is trading at $9,765 amid increased selling activity at the beginning of the European session. The retreat is following a falling wedge pattern as Bitcoin records lower lows and lower highs. Therefore, a successful break above $10,000 and then a follow-up move above the 9-day moving average is needed for a fresh increase towards $10,500 in the near term. The potential resistance levels to watch are $10,800, $11,000 and $11,200.

However, the Ethereum and Ripple are declining heavily, which may perhaps increase pressure on Bitcoin below $9,800.Should in case BTC/USD slides below the $9,600 support, the bears could even aim a break below the key $9,500 support level. As RSI (14) moves around 55-level, a convincing break below the $9,500 level is likely to set the momentum for a run towards the $9,000 level which could lead to the critical support levels of $8,900, $8700 and $8,500 respectively.

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

According to the 4-hour chart, the bears are stepping back into the market gradually while the price of Bitcoin (BTC) has dropped below the 9-day and 21-day moving averages heading towards the south where it touched the support level of $9,714. However, if the price breaks below the trend line of the descending channel and continues to fall, further supports may be found at $9,500, $9,300 and $9,100.

BTCUSD – 4 Hour Chart

In other words, as the technical indicator RSI (14) is seen moving around 40-level, a rebound may likely push the price back above the $9,900 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $10,200, $10,400 and $10,600 resistance levels. For now, BTC/USD is consolidating currently and may start moving in sideways on the medium-term outlook which could lead to an increase in volatility soon.

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.