Bitcoin price recovery from the lows at $9,500 stalls short of $10,300. The bullish scenario for Bitcoin is fading in the short term while long term analysis suggests a bull trap is in the offing. Spot rate: $10,130 Relative change: -56 Percentage change: -0.56% Trend: Bullish Volatility: High BTC/USD daily chart Bitcoin’s incredible performance in the last couple of months follows an impressive breakout from a long-term falling wedge pattern that started its formation since the June 2019 highs around $13,884. The recovery has stepped above $10,500 in February, further confirming that Bitcoin’s bullish phase ahead of the May 2020 halving event. However, the formation of a short term rising wedge pattern paints a picture of a bull trap that could get many traders and investors pants down. On the brighter side, the effects of the wedge pattern could be averted by pulling BTC above $11,000 and towards $12,000 in the near term. BTC/USD 2-hour chart The short term technical scenario is bearish for Bitcoin especially with upward movements have been restricted under $10,200. The RSI has started its retreat from the overbought and continues downward motion could attract more sellers to join the party. Support is expected at $10,100 while the 100 SMA at $10,057 is expected to anchor the price if losses aim at $10,000. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Crypto News share Read Next US Pres. Trump casts doubts over India trade deal ahead of visit FX Street 2 years Bitcoin price recovery from the lows at $9,500 stalls short of $10,300. The bullish scenario for Bitcoin is fading in the short term while long term analysis suggests a bull trap is in the offing. Spot rate: $10,130 Relative change: -56 Percentage change: -0.56% Trend: Bullish Volatility: High BTC/USD daily chart Bitcoin's incredible performance in the last couple of months follows an impressive breakout from a long-term falling wedge pattern that started its formation since the June 2019 highs around $13,884. The recovery has stepped above $10,500 in February, further confirming that Bitcoin's bullish phase ahead of the May 2020 halving… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
