Bitcoin is likely to drop to 7k5

According to the latest technical analysis, Bitcoin (BTC) price will probably start a deeper pullback after encountering a major resistance on Thursday, February 13.

This coin from the position of 10,400 USD, when the momentum of buying declined, bounced back strongly at 10,077 USD this afternoon (February 13). Bitcoin is currently priced at $ 10,200, down 1% within a 24-hour period.

Overall, the market is still growing, as prices have risen 42% YTD and are above the 200-day moving average (currently US $ 8,867). However, the momentum of buying seems to be short of breath, when BTC could not attack the threshold of 10,500 USD and the cash flow index shows that the market has bought massively.

As a result, a deeper rally is possible if prices are not stable above $ 10,000.

Day candle chart

Day candle chart

The green candle on Wednesday was removed today as the market returned to $ 10,077 from $ 10,500.

Besides, the RSI is also forming a new lower high in the past 3 days, in contrast to the price continuously forming a new higher peak, which shows that the market will usually continue with a correction.

4-hour candle chart

4-hour candle chart

Bitcoin formed many candles with the upper shadow over the past 24 hours, which also shows that the buying momentum has cooled down when meeting the threshold of 10,400 and $ 10,500.

The downtrend can be confirmed by the decreasing buying momentum. BTC is now down to the upward trendline, currently at $ 9,900. This is also the 50-day moving average.

The RSI formed a new lower high, which is also a worrying factor. MACD is also about to decline to negative.

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The market will recover if the trendline support line is stable and a retest of the $ 10,500 resistance is possible. At the same time, the overall trend will still be bullish if BTC remains above the 9,075 threshold (the bottom threshold of February 4).

View

  • The daily and 4-hour candlestick chart of Bitcoin shows that the buying momentum has been out of breath, plus the failure to try to surpass $ 10,500 has opened the risk of a correction to the trendline at $ 9,900.
  • If this support is broken, the price of BTC can completely decline to $ 9,707.
  • If it can bounce from the trendline, Bitcoin could have another breakout.
  • In general, the market is still rising as long as the price is above 9,100 USD.

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According to Coin68 / CoinDesk
Recompiled ToiYeuBitcoin

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