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Bitcoin Price Prediction: BTC/USD Drops Below $10k; Could This Be for Bulls?

Bitcoin (BTC) Price Prediction – February 19

A few minutes ago, BTC/USD has plunged lower, just now losing the key $10,000 price level.

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

Key levels:

Resistance Levels: $11,000, $11,200, $11,400

Support Levels: $9,000, $8,800, $8,600

BTCUSD – Daily Chart

As BTC/USD plunges to the south, the cryptocurrency traded as low as $9,583, falling nearly 4.64% from the local top at $10,318 seen earlier today. Just a few days ago, Bitcoin (BTC) was changing hands for $9,500; the fact the cryptocurrency remains at $9,900, above the ever-important $9,500 level, suggests bulls still remain in control. At the time of writing, BTC/USD continues to narrow down towards $9,500. The downtrend is clearly shown by taking a broader technical picture using the daily chart.

However, the bulls are struggling to hold a couple of important supports near $9,600. The price is likely to continue lower below the $9,200 and $9,100 support level if there is a downside break below the $9,500 support level, the price could revisit the $9,400 support level as the bears are forcing the bulls to obey the trend and there is a risk of a sharp decline to $9,000, $8,800 and $8,600 support levels once the market follows the downward trend.

In addition, the market is deciding below the 9-day and 21-day moving averages, where the buyers are anticipating a rebound. Meanwhile, the $10,500 and $10,700 levels may likely play out as the nearest resistances should the $10,000 level holds. However, a strong bullish spike might take the price to $11,000, $11,200 and $11,400 levels if the bulls can push the price above the moving averages. But presently, the RSI (14) is diving below the 53-level.

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

Bitcoin’s price is trading below the 9-day and 21-day moving averages around $9,653 after rebounding from $9,287 in today’s trading. Looking at the 4-hour chart, we can see that the bears are stepping back into the market, but the bulls are making effort to defend the $9,500 support. Meanwhile, the $9,200 support level and below may come into play if BTC breaks the above-mentioned support.

BTCUSD – 4 Hour Chart

However, if the buyers put-in more effort and energize the market, we can expect a retest of $10,300 resistance level. Therefore, breaking the above-mentioned resistance could lead the bulls to hit the potential resistance of $10,400 and above. More so, the RSI (14) is about crossing the 40-level, more bearish signals may resurface in the market 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.