Bitcoin Price Forecast
February 17 2020 Update:
Near-term Bitcoin is correcting down off about 10,300 from last week where it is now encoutering long-term resistance. The near-term high of 10,457.63 how stands as current resistance.
Accumulation distribution indicators on the daily timeframe have gone slightly negative. On the weekly and monthly timeframes are still positive. Near-term the price could be under pressure.
Near-term price support is between 9,113 to 9,553 and needs to hold for the price to head higher.
Near-term price resistance areas are about 10,600, 11,100, 11,700.
Our current price forecast is neutral to slightly negative very possibly testing the 9,113 to 9,553 price support area.
Remember you Holdlers, stop-loss is a tool to keep a small loss from becoming a much larger loss. Use it to survive and trade another day.
See below for the latest news on Bitcoin and Cryptocurrencies.
Bitcoin Price Support Resistance Forecast
February 12 2020 - Bitcoin Drops From $10,000 While Technicals Point to Pain Ahead By Bloomberg
Cryptocurrency finds resistance after breaking key level.
According to relative strength index, it is also overbought.
Euphoria around Bitcoin’s break above $10,000 over the weekend appears to be short-lived.
The largest cryptocurrency found resistance just above that level, reaching as high as $10,194 on Sunday before pulling back, according to data compiled by Bloomberg. It similarly struggled with that level in September when it crossed $10,000 -- the month that followed saw it lose more than 14%.
In addition, the token is overbought based on the 14-day relative strength index (RSI), which crossed the 70 mark. Assets are considered overbought if the RSI exceeds 70. Those two factors suggest a potential retreat ahead as the coin struggles to meaningfully break out from its recent trading range.
“It’s a consolidating bull market,” Mike McGlone, an analyst with Bloomberg Intelligence wrote in a recent note. “Volume and open interest in futures, and on-chain addresses used, are primary Bitcoin-adoption metrics that have soundly increased vs. a month ago, supporting price appreciation. The next key story for the benchmark crypto will be its bid to exit the $8,000-$10,000 range.”
On Sunday, Bitcoin surged above the $10,000, marking only the third such major breakout in its history. The first occurred in 2017 before it rose to near $20,000 and, more recently, it broke above it in mid-2019 before retracing.
Bitcoin was up 1.4% as of 10:44 a.m. in New York to trade around $9,884. Litecoin and Ether each gained 1.9%, while the Bloomberg Galaxy Crypto Index -- which tracks some of the largest crypto assets, gained 1.8%.
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Remember: Stop-loss is a tool you use to keep small losses from becoming larger losses.