Bitcoin Price Analysis: Back In Action, Facing Huge Resistance — $8000 Or $6800 Next?

Over the previous days, the very first ones of 2020, we obtained a reminder of this normal behaviour of this Bitcoin cost.

As we pointed out regarding the trading quantity, which was falling through the last week, we did receive a substantial cost activity day (yesterday), documenting the maximum quantity of quantity of the previous ten days.

After breaking the $7070 service markers, we saw that a quick drop to $6850. As mentioned before, the region of the following service level. This was possibly enough for Bitcoin, and jointly with a few basic help from Donald Trump, Bitcoin jumped $500 daily.

The cost increase ended right in the confluence immunity zone that comprises the green-marked descending trend-line on the daily (that line is ‘blocking’ Bitcoin for 2 months already). The immunity area also is composed of those 50-times moving average line (the pink line) and immunity of 7400.

This will not be quite as simple, however a bullish point is possible from here, however, the condition is going to be to conquer the above mentioned immunity (daily candle over $7400, in my estimation ).

Total Market Cap: $195.8 billion

Bitcoin Market Cap: $133.7 billion

BTC Dominance Index: 68.2percent

*Data by CoinGecko

Key Levels into Watch

— Support/Resistance: As mentioned previously, Bitcoin is one more time confronting the confluence zone of $7300 — $7400.

The next immunity is located at $7700, which includes the substantial mid-term descending trend-line. Further over is $7800 and $8000.

From below, the initial level of service is $7200, along with the mid-term ascending trend-line. The following service is that the $7000 — $7070 price zone, until yesterday’s low at $6850.

— The RSI Indicator: Despite a little glitch, the 45 RSI service line had been retained company. The RSI is presently encouraging the continuation of their present bullish movenonetheless, anything could be changed in any given moment.

— Trading quantity: mentioned previously.

BTC/USD BitStamp 1-Day Chart

BTC/USD BitStamp 4-Hour Chart


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