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Bitcoin Price Analysis: BTC/USD Continues To Recover

Last week has been marked by some price recover of Bitcoin, which occurred against the background of the fall of global index.

Bitcoin Technical Analysis

In the last review, it was a key level in the region of $ 6000, which fully justified itself. Indeed, the bitcoin schedule groped for the bottom and growth began, which was 50% ($ 6000-9000).

So, let's consider what the different charts tells us. Let's start, as always, from a larger timeframe to a smaller one.

The monthly chart shows that the bears weakened the pressure and already see a rather long lower shadow. It will ideal to close February at $ 10,300 for bulls. In that case, the candle will take the form of the classic doji and in March, growth will be a priority, rather than a fall.

monthly bitcoin chart

A weekly candle is positive for bulls, we may see a classic doji with a long lower shadow and a bullish body. There is a high probability that this week will continue to grow.

week chart

There is the key level that will serve as the basis for a new round of long-term growth. If my guess is correct, then we are in its first wave with a target of $10 000 — 10 500.

smaller chart

Also at this chart, you can see a positive figure for the continuation of the bullish movement - an inverted head and shoulders (highlighted with yellow ovals).

Now the key zone is $ 9000, with its passage the road to the area of ​​$ 10 000-10 500 will open.