After an impressive performance over the past two weeks, the Bitcoin (BTC) price appears to be taking a break on February 7 when trading in the range of $ 9,730 to $ 9,800. The weekly peak of $ 9,910 appears to be facing resistance and the sideway price is below this level throughout the day.
Up to now, the $ 9,730 level has been acting as a support and a pullback below this level could cause the BTC price to fall slightly below the moving average (MA) of the Bollinger band at $ 9,450, and if further fall below. At this level, the 6-hour chart shows the possibility of price falling to the MA-50 line at $ 9,350.
If the world's leading cryptocurrency is entering a period of consolidation, it is perfectly normal for the price to retest the lower support at $ 9,472, as was the case in the weeks before Bitcoin rose from $ 7,300. USD follows the step and stairway model.
The VPVR indicator also shows a high volume button at the support of $ 9,472, thus predicting that the price could bounce if the bulls return to this area. The same move can also occur for the 50-day MA at $ 9,350.
On February 7, Michaël van de Poppe – regular analyst of CoinTelegraph, took tweet Bitcoin price seems to have reached a temporary peak and posted the chart above, he said:
“However, I think it will peak here shortly and only show sideways moves. Similarly, the best would be $ 8,750- $ 9,000 when returning to Long. Not sure we will get it … break out here and target $ 10,400-10,900. “
At the time of writing, the relative strength index (RSI) is bouncing back from 70 (overbought zone) on the daily time frame, a level that saw Bitcoin price pullback when reached on Jan. 30, January 27, January 18 and January 14.
Although the shorter time frame is currently suggesting that the Bitcoin price is consolidating, the weekly time frame is still extremely bullish.
Traders should note that the Moving Average Convergence Divergence (MACD) is still in the middle of a bull cross – a fairly rare event that marks the beginning of a strong uptrend.
Swing Trading and Hodler will interpret this as a buy and hold signal, and will expect great excitement in the coming months.
The total market capitalization of cryptocurrencies is at $ 278.1 billion with Bitcoin's dominance rate reaching 63.8%. The price action of altcoins is relatively quiet, with a handful of the top 20 altcoins making small profits and losses.
Some of the more prominent coins, Bitcoin SV (BSV), have increased by 14.21%, Dash (DASH) has increased by 6.29% and Dogecoin (DOGE) has increased by 7.56%.
Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.
Disclaimer: This article is an analysis by cryptocurrency analyst Horus Hughes – a frequent contributor to CoinTelegraph. Readers should only consult, not consider this as an investment advice, especially from Toiyeubitcoin, we will not be responsible for your investment.
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According to CoinTelegraph
Translated by ToiYeuBitcoin
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