Bitcoin Chart Analysis Feb.16 and overview

Bitcoin is following the plan from yesterday: Heading rapidly to the target level around $10,000 – at the top of the “tunnel” as shown in our chart analysis. After touching the $10,200 in BitFinix (top of the tunnel), Bitcoin is currently consolidating around the 10K mark for a possibility of breaking up the resistance. Support level lies at $9,400, and further down at $9,000.

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BTC 1 DAY Chart overview

In order to give a depth picture in terms of the Bitcoin, we need to have a look at the 1 day chart (where each candle represents one day). It should be noted form the chart that the end of the official decline will probably happen as we see a break of the previous high around $12,000-13,000 mark. This point also integrates with the descending line. At any point under the descending line we may still return down. The $10,000 mark is a fundamental psychological level whose breakout may attract the press and create announcements that will fuel up the rise required to overcome the $12,000-13,000 levels.

Up until now, we had a healthy incline – a consolidation before the $9,000 break, a consolidation before the $9,400 break, and now facing the $10,000 – It is unlikely that it will come without a longer consolidation.

We are not seeing a sharp parabolic rise or anything that signals of massive money entering, as expected after a 70% drop, followed by a 50% correction.

Seems like buyers haven’t decided yet, according to the decreasing trading volume during recent inclines.

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Source: Crypto Potato