Bitcoin (BTC) Price Prediction – February 14
The Bitcoin bulls kept on pushing towards the north as the coin has not lost sight of $11,000 despite the rejection of $10,500.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $11,000, $11,200, $11,400
Support Levels: $9,500, $9,300, $9,100
BTC/USD has been losing ground since yesterday in the middle of the technical correction as bulls stumbled upon a stiff resistance created by $10,500. At the time of writing, BTC/USD is changing hands at $10,274, up 0.37% on a day-to-day basis. With the total market capitalization of $186 billion, BTC controls over 65.9% of the market. Despite the retreat, the coin has finished three consecutive days above $10,000.
However, looking at the daily chart, BTC/USD stays above the 9-day and 21-day moving averages. This helped to stop the sell-off that occurred yesterday, and it still has the potential to limit the correction today. If this support is broken, the sell-off may be extended towards psychological $10,000, reinforced by 9-day MA. A cluster of stop-orders located around this area is likely to create a protective buffer for BTC ahead of the weekend.
Meanwhile, the critical support comes at $9,500, $9,000 and $8,500 levels, which is around the lower boundary of the channel reinforced by 21-day MA. On the upside, a sustainable move above the resistance of $10,300 level may improve the short-term technical picture and bring $10,500 back into focus. More so, with recent high, the potential resistance levels lie at $11,000, $11,500 and $12,000.
In other words, the downward-looking RSI (14) on the daily chart implies that BTC may extend the correction; however, in the long-run, the bullish trend is still intact.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Looking at the hourly chart, following the rejection of $10,500, BTC/USD is trading below the $10,300 resistance level. From above, should in case the Bitcoin hold above $10,300, then the next level of resistance is $10,400 before the 2020 high at $10,500, along with the significant mentioned ascending trend-line. The next resistance would be $10,600, followed by $10,800 and $11,000.
Furthermore, as the technical indicator moves below 60-level, this might have signaled a temporary end to the bullish trend of Bitcoin. However, as at the time of writing, the RSI (14) indicator is encountering the crucial higher lows trend-line. If it fails to find support here, then we can expect the correction to get even deeper, which may likely reach the support levels of $10,000, $9,800 and $9,600 respectively.
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.