Bitcoin price stalling out into $9600 range: Danger persists

Bitcoin price stalling out into range Danger persists

The bitcoin price movement had been slow since the downtrend yesterday. It appears that the cryptocurrency has managed to stay out of the fourth possible crash at the hands of a head and shoulder pattern, but danger still persists.

However, the cryptocurrency is in a rather stale position since the strong support found at the $9500 mark is helping the Bitcoin price stay afloat, but on the other hand, the cryptocurrency is also not working as good as it should be to push pas the $10,000 psychological barrier.

Bitcoin price chart 1 - 24 Feb 2020Bitcoin price chart by Trading View

Bitcoin price stood at the $9,617 mark at the time of writing, while the cryptocurrency has hit the $9,500 mark once during the past 24-hours. BTC has been down by almost three (2.92) percent in the past 24-hours, Coin Market Cap reported.

Bitcoin price movement: What to expect?

The cryptocurrency analysis firm on Trading View, Trading Shot, explains that the king of cryptocurrency has displayed a 51 – 49 percent bull cycle. It appears that despite everything, there is a limited number of days of price action in sight.

Bitcoin price chart 2 - Trading Shot - 24th Feb 2020Bitcoin price chart by Trading View

As per the Trading Shot analysis, there are only 600 days of bullish trend remaining for the king of cryptocurrency, and they must just be enough for some to make a fortune.

On the other hand, the famed Trading View analyst Moiseiev Yurii was of the view that the cryptocurrency despite facing a rough time is primed for another high given the rising channel, a prediction that didn’t play out to trader’s favor.

Bitcoin price chart 3 - Moiseiev Yurii - 24 Feb 2020Bitcoin price chart by Trading View

Similarly, another trading analyst Amir Shahanfar explains that the ABC formation is showing a further decline in the BTC price to the $9,200 to $9,040 range.

Bitcoin price chart 4 - 24 Feb 2020Bitcoin price chart by Trading View

If the action plays out, Bitcoin BTC price would be facing another drop, while the existence of a possible head and shoulder pattern is explaining the same thing only in a different pattern. Caution is advised to keep your investments secure.

Featured Image by André François McKenzie

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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