Bitcoin price is reversing? The major resistance at $ 7,600 has been broken

This morning (February 16), Bitcoin price unexpectedly plummeted more than $ 300 to hit a low of $ 9,700, the point where the king found strong support to bounce back higher.

Bitcoin bounced back from the strong support

At the time of writing, Bitcoin is trading at $ 10,023, marking a notable decline from the daily high near $ 10,400.

For the past few days, it seems Bitcoin has been stuck in a relatively tight trading range from $ 10,100 to $ 10,400. A break below $ 10,000 occurred in just about 5 minutes with very sharp movement, which shows that the bears have gained some significant short-term strength.

5-minute BTC / USD chart. Source: TradingView
5-minute BTC / USD chart. Source: TradingView

However, Big Cheds, a famous cryptocurrency analyst on Twitter, believes that Bitcoin will find strong support at $ 9,600, where bulls are waiting to buy Bitcoin dip.

“Bitcoin plummeted to $ 9,600 then rebounded.”

If Bitcoin can bounce to this level, then it is imperative that the bulls have to retake the $ 10,000 level due to its technical and psychological importance. If Bitcoin fails to surpass this level, further corrections will come to the crypto market.

BTC can drop to $ 9,300

Analyst Josh Rager said that Bitcoin could drop to as low as $ 9,300 in the near term, the failure to return to $ 10,100, will spark this.

“Up or down depends on this range – if the price can close above $ 10,369, I anticipate a move to $ 10,700 to $ 10,900. With the potential of up to $ 11,500. A break below $ 10,100 and $ 9,300 will be potential targets after a few bounces in between. ”

However, it is important to note that this bearish action has yet to break its medium-term uptrend line. This trend line was formed on January 3 of this year.

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Daily BTC / USD chart. Source: TradingView
Daily BTC / USD chart. Source: TradingView

Bitcoin will rise to $ 11,500

Well-known analyst, Filb Filb said that last night's decline was just a correction in the uptrend, and the VPVR indicator is supporting this.

Accompanied by this optimistic message is the chart below, which shows that history should repeat, according to the fibonacci indicator the Bitcoin price could rise to $ 11,500 at the beginning of March, and mark a 17% increase from the previous. at the current price.

Daily BTC / USD chart. Source: TradingView
Daily BTC / USD chart. Source: TradingView

Conclude

Bitcoin price plummeted last night, but it has not broken below its medium-term uptrend line. If it reclaims the $ 10,165 + zone, then it is likely to rise to $ 11,500 by early March of this year.

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According to Tapchibitcoin / NewsBTC
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