Bitcoin rallied to around the $9,700 level on Wednesday, 2/6/20. The market is showing signs of strength as it may reach towards the $10,000 level, which is a significant psychological round figure that should garner much interest. This is a level that has seen a lot of price action in the past (the bottom of a major descending triangle), as well as previous resistance, then support, then resistance again. Given that, the 50D EMA crossed up over the 200D EMA, which is, of course, a longer-term bullish signal, at least from a technical perspective. However, the $10,000 level above is going to serve as difficult resistance to overcome and eventually break though. The market will probably attempt to break $10k and pull back multiple times, but if it does break through $10k resistance quickly, BTC will likely target $11,000 and eventually $14k thereafter before retesting the December 2017 ATH at $19,500.

Looking at support, the $9,000 level may offer temporary relief, but greater support underneath should be found near the 50 Day EMA and even more so at the 200 Day EMA. BTC has recently broken above a significant downtrend line, and now looks as if the overall longer-term trend is gradually changing to the upside.

Looking at the longer term, Bitcoin fundamentals are stronger than ever, active development, usage, unique wallets, real world use-cases, financial derivatives, mobile apps, and more show the tremendous upside this nascent technological disruption has yet to tap into yet. 

Look out for another article by next week on a longer-term macro price forecast and perspective!