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Bitcoin Price Prediction: BTC/USD Fails to Sustain Above $10,400 Resistance, Uptrend Still Likely

Bitcoin (BTC) Price Prediction – February 15
The market pauses as the bulls fail to break the next major resistance at $10,400. The bears seem to have defended the price levels between $10,300 and $$11,000. The upward move may continue as Bitcoin has not lost much ground.

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

Key Levels:
Resistance Levels: $10,000, $11,000, $12000
Support Levels: $7000, $6000, $5000

BTC/USD - Daily Chart

BTC/USD – Daily Chart

Recently, BTC/USD has made a tremendous move to higher price levels. The pair has reached a high of $10, 460 but the upward move was put on hold because of the resistance at $10,400. Analysts are of the view that a break above $10,400 will propel the BTC to rally above $11,500.
Unfortunately, Bitcoin has been unsuccessful to break above this resistance since August 2019.

Interestingly, the bulls are having the upper hand as all the indicators are in their favor. The coin is consolidating above $10,200 for the past five days. The pair now fluctuates in a tight range between $10,200 and $10,400. It is most likely these levels will be broken in the nearest future. Assuming, the bulls break the resistance at $10,400, Bitcoin will rally above $11,000.

Conversely, if the bears break below the $10,200 support, BTC will suffer depreciation to the low of $9,800. Nonetheless, BTC is trading in the overbought region of the daily stochastic. The coin is above 80% range of the daily stochastic. It means that Bitcoin is in a strong bullish momentum. At the same time, BTC is overbought and buyers are not available to push the coin upward. In essence, the coin will fall before the resumption of the bullish trend.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, Bitcoin is in an uptrend showing the support levels of price. The pair is currently trading below the resistance at $10,400. BTC will continue its upward move if the price breaks the resistance line above $10,400.

BTC/USD - 4 Hour Chart

BTC/USD – 4- Hour Chart

However, if the price drops and breaks below the EMAs and the trend line, the uptrend will be terminated. Presently, the Relative Strength Index period 14 level 54 indicates that BTC is in the uptrend zone.

 

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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.