Bitcoin (BTC) Price Prediction – February 8
Bitcoin (BTC) price is trading nicely above the $9,800 and the coin must climb above the $10,000 resistance to continue higher.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,400, $10,600, $10,800
Support Levels: $9,200, $9,000, $8,800
BTC/USD started the day with a downside movement as the coin touched $9,787 in the early hours of today, but later, BTC/USD market started improving, moving it out of the downside to the upside. However, within the first few days of this second month of the first quarter, BTC/USD has moved up from $9,375 to $9.887 and now changing hands at $9,846.
Moreover, BTC/USD is finding difficult to climb higher above the $10,000 resistance as the coin is settling in a tight range between $9,537 and $9,887 around the upper boundary of the channel. Typically when the new uptrend movements are beginning to form, buyers will use the EMA as the nearest support levels. But in as much as the orange-line of 21 periods of EMA is above the blue-line of 50 periods EMA, the market could still remain in the upward movement.
Nevertheless, if the market decides to go down, Bitcoin’s price may drop to $9,500 and should this support fails to contain the sell-off, we may see a further drop to $9,200, $9,000 and critically $8,800. The resistance levels to watch are $10,400, $10,600 and $10,800 respectively. Meanwhile, the signal lines of stochastic RSI have already crossed into the overbought zone, suggesting more bullish signals.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, Bitcoin’s price is currently trading around $9,865 and above the 21 and 50 periods EMA after a reversal from $9,711 where the market started trading today. Meanwhile, we can see that the bullish supply is coming up slowly in the market while the bears are also trying to drag the price down.
However, if the buyers could strengthen and energize the market, they can further push the price to a $10,000 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $10,100 and above. Meanwhile, the RSI (14) is currently on its way to the overbought zone, but any movement to the south may welcome the sellers back into the market which could drag the price to the support level of $9,600 and below.
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