RATE Group | Bitcoin Just Signaled “Sell” And It’s Vulnerable to a Massive Correction
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Bitcoin Just Signaled “Sell” And It’s Vulnerable to a Massive Correction

20 Feb Bitcoin Just Signaled “Sell” And It’s Vulnerable to a Massive Correction

Posted at 06:18h in Bitcoin News by

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Bitcoin failed to climb convincingly above $10,200 against the US Dollar. As a result, BTC declined heavily below $9,800 and it is now vulnerable for a bigger a correction.

  • Bitcoin price failed to clear the $10,200 and $10,300 resistance levels against the US Dollar.
  • There was a sharp decline below the $10,000 and $9,800 support levels.
  • Yesterday’s major bearish trend line acted as a strong hurdle near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently consolidating losses and it might face sellers near $9,800 if it corrects higher.

Bitcoin Reversal Could Be a Game Changer

Yesterday, we discussed the importance of the $10,200 resistance area for bitcoin against the US Dollar. BTC price made two attempts to clear the $10,200 and $10,300 resistance levels.

However, the bulls failed to gain traction above $10,200. A swing high was formed near the $10,300 level and the price declined heavily below the $10,000 support area.

Moreover, yesterday’s…

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