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On Feb 3, the Bitcoin price reached the $9,600 resistance area and created a bearish shooting star. A short-term correction is likely in store before another attempt at breaking out.

Since Jan 29, the Bitcoin price has been trading between $9,250 and $9,600, having created a support area inside the former.

This resembles a consolidation phase since the hourly RSI has been freely moving above and below 50. The price movement near this support area has been characterized by long lower wicks.

On Feb 3, the Bitcoin price created a bearish shooting star. This candlestick shows that there is considerable selling pressure near the resistance area at $9,600. The fact that this candle is being created inside an important resistance area increases its significance.

Furthermore, the 12-hour RSI has generated considerable bearish divergence and completed a failure swing top.

Combined with the prior bearish sentiment, it is likely that this will cause the price to soon break down from the parabolic ascending support line it has just reached.

As for the future movement, if a breakdown occurs, the price could decrease to the support area at $8,800, validating the 200-day moving average (MA) from which it broke upwards prior. After that, it could make another attempt at breaking out above $9,600.

This movement would complete the handle portion of a possible cup and handle pattern. If so, a breakout would be expected afterward.

To conclude, the Bitcoin price has reached the resistance area at $9,600 but has failed to break out above. The price has shown weakness and will likely decrease towards $8,800 before making another attempt at breaking out.

For those interested in BeInCrypto’s previous Bitcoin analysis, click here.

The post Bitcoin Analysis for 2020-02-04 [Premium Analysis] appeared first on BeInCrypto.

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