Notwithstanding the palpable tension felt all over in the market, two analysts have maintained optimism that the correction may be brief for the crypto asset to maintain its parabolic trend.
FilbFilb maintains that if BTC hit support between $9,500 to $ 9,700 price levels, the Crypto asset has a high chance of rebounding by 17% to hit $11,500 by the first week of March. FilbFilb who has earlier forecasted with an almost perfect accuracy last year about BTC’s price activity into the year 2020 believes BTC’s bullish trend is still sustained.
On Saturday, BTC had flopped underneath the $10,200 and $10,000 support levels after it had recently exchanged to another 2020 high at $10,522 before its pullback. The bulls disappoint as it battled to skim past $10,500.
The pair is very much supported past the $9,500 level and the moving average 5 and 13 (4-hours), $9,500 is viewed as the last breakout zone. A cup with handle is framed close to $9,500 zone and the price is ranging right now.
On the upside, an underlying barrier for the bulls is close to the $10,200 zone as it agrees with the 50% Fib retracement level of the ongoing correction from the $10,522 high to $9,600 low.
On the other side, the $9,600 support and the moving average 5 and 13 (4-hours) holds the key. On the off chance that there is a daily close underneath the $9,600 support, Bitcoin price may even battle to remain past the $9,500 support.
Image Credit: Shutterstock
bestadmin
