Bitcoin Price Outlook in February: Bitcoin has entered into the second month of 2020, after having a most bullish price candle in the last six months. Bitcoin recorded a record 40% growth last month. Bitcoin will be going through next halving after three months, considering the upcoming bullish catalyst, and recent technical deviation from bearish to bullish – price action is looking quite bullish for bitcoin in February.
On the Monthly chart, we can see a clear deviation from bearish MACD to bullish crossover – which is a great sign for the potential bull run in the next three months.
Bitcoin also managed to close last month’s candle above two resistance: 8300$ and 9100$. These two levels should act as key support to hold for bitcoin in this month.
How to trade Bitcoin this Month
Bitcoin is getting a strong reaction from bulls on lower time frames. Any 500$ dip is getting bought quickly during the last few weeks. Things are looking super bullish now – but that’s also a sign of deeper pullback from 9500-9800$ level. LONG Bitcoin majority of the audience go bearish again with targets of 7000-8000$.
According to what I see on the Monthly chart: Bitcoin should hold any of this support this month: 8300$ or 9100$. On Daily time frame: 21MA support should be a good area for a bounce in case of any deep pullback: which is at around 8500-8700$.
Next Resistance to break is 10700$ on Monthly timeframe, closing above this resistance would make a clear way to 17000$ before halving.
Must Read: Bitcoin can hit 75000$ in 2021
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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