According to the latest technical analysis, the Bitcoin (BTC) price is starting to face selling pressure on February 10, despite the coin that has just created the most impressive growth day series since September. 2019.
The world's largest market capitalized cryptocurrency has slipped non-stop from a peak of $ 10,197 to $ 9,732 on today's trading day (February 10), and by the time the article was made to be traded around $ 9,800 area.
This strong correction completely wiped out the gains BTC had on Sunday (February 9), when Bitcoin from $ 9,900 soared to $ 10,180, and showed that the current momentum has exhausted momentum. up.
However, it is worth noting that BTC price closed the candle yesterday with an increase of 2.75%, following the previous steady increase since February 5, when it increased by 5%, 1.4% respectively. , 0.5% and 1%. This is the longest growing series for this currency since September last year.
As can be seen, Bitcoin has established a circuit of 5 consecutive green candles from August 30 to March 9, at the same time the price has increased from $ 9,350 to $ 10,783. However, this rally could not last long and the decline subsequently regained the market.
Back in the present day, Bitcoin's current rally is a continuation of the recovery phase from a low of $ 6,850 until early January. Such an increase in value is unlikely to be extended without going through a correction phase. .
Therefore, Bitcoin may soon test the strength of the uptrend by decreasing to the nearest support levels.
Daily graph of Bitcoin price
Bitcoin ended Sunday with a green marubozu candle, with a very wide body and almost no shadow. This is a signal that the purchasing power in the market is very strong, and the general psychology of investors is optimistic.
However, subsequent price movements confirmed the opposite. The red candle of the day as of the time of writing has even dropped below the opening of the marubozu candle.
With the peaking with a marubozu candle, the market is turning to the “profit-taking” sentiment, pushing the risk of BTC to continue to decline higher than ever, first to the nearest support level at $ 9,586 (peak on April 4). / 11). To break through this threshold, the digital currency 1 will turn to the next support levels at $ 9,188 (January 19 peak) and $ 9,075 (February 4 bottom). The uptrend of Bitcoin will be seriously threatened if the price drops below $ 9,075, because then a lower peak pattern will be formed.
On the other hand, if the support of $ 9,586 can hold, the Bitcoin rally will soon be able to regain momentum to recover to the peak of $ 10,350 of October 26.
Hourly graph of Bitcoin price
On the hourly chart, Bitcoin has lost its upward trajectory, as shown by easily penetrating the uptrend line.
And yet, the current decline is also backed by the surge in selling volume. Therefore, the scenario of going down on the graph is becoming more and more baseline.
- Bitcoin's current correction may push prices to the support level of $ 9,586, or worse, to $ 9,188.
- If the candlestick closes below $ 9,075 (February 4 bottom), BTC will establish a descending top pattern on the daily chart and confirm a short-term trend reversal signal.
- The bearish scenario can only be removed if the price returns to the $ 10,000 area, recovering the upward trend on the hourly chart.
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