BITCOIN BULLS RECOVER FROM MINOR SETBACK by E. Okorie, 11th of Feburary , 2020
Bitcoin bullish market recovers from a minor setback. Bitcoin encountered a strong resistance above the $10,200 benchmark on monday, 10th of feburary, 2020 and closed above the $9800 support level on that day. Bitcoin then found support just above the $9700 level. However, there was a strong bullish breakout that occured on tuesday which broke the $10,200 resistance. This upward trust saw bitcoin thriving within $10,300 and $10,200 levels. There is a high probability for bitcoin price to find support here
Although Bitcoin presently has an upward trend. The bearish market now have some lifeline as $10,300 is currently the top of the bullish channel developed in January 2020. Expert analysis shows that bitcoin price must overcome the $10,350 high of 2019 for a bullish rally to continue. The bearish market here is likely to test $9,700 and $9600 level. A downward break below the $9200 benchmark would lead to a confirmation of a bearish reversal pattern.
Experts do not expect the bearish trend to dominate as all indications currently shows that the next resistance should lie within $11,000 and $12,400 level. This is currently possible if bitcoin price finds support on the $10,200 level.
Consequently, although the bullish market have gained some substantial ground, the bearish market should not be underestimated even though bitcoin is ok.