Bitcoin Price Facing Its First Major Test of 2020, Which is On The Weekly: BTC Analysis & Overview

Bitcoin had seen a grand opening to the brand new decade, following an honest surge of roughly $1000 within the first days of 2020.

After reaching a excessive of $8400 final Wednesday, Bitcoin had encountered resistance and shortly rotated. However, the coin continues to look wholesome and constructive, consolidating safely above the $8000 benchmark.

Yesterday we noticed Bitcoin gearing down in direction of the $7700 assist, together with the essential mid-term descending trend-line (that was began forming throughout June 2019, marked on the next day by day chart).

Bitcoin touched it, so as to verify the road as resistance-turned-support degree, and from there, shortly turned its tempo again as much as the place it trades as of writing these strains.

As talked about above, the short-term seems to be bullish. In the long run, the following actual take a look at is perhaps the 200-days shifting common line, which is at the moment round $9200.

Looking on the larger timeframe, the weekly chart, we will see Bitcoin reaching precisely onto the white line, which is the essential shifting common 21 weeks. The bulls would search a weekly candle shut above $8200, and one other inexperienced candle for the next subsequent week.

Total Market Cap: $216 billion

Bitcoin Market Cap: $147 billion

BTC Dominance Index: 68.0%

*Data by CoinGecko

Key Levels To Watch & Next Targets

– Support/Resistance ranges: As of now, Bitcoin is safely consolidating above $8000, which is the primary assist. Slightly beneath lies $7850 and $7700. Further down is the $7466 (the 61.8% Fib retracement degree), and $7300 – $7400.

From above, the primary degree of resistance is the $8300 – $8400 value space, which is the excessive from final Wednesday. In case of a breakout, then Bitcoin will seemingly take a look at $8600 and $8800 (stronger resistance), earlier than $9000 and the MA-200 (gentle inexperienced line on the next day by day chart, ~$9200).

– The RSI Indicator: The momentum indicator is tracing the latest value motion, and thus far – so good.

A bearish signal is perhaps approaching behalf of the Stochastic RSI oscillator: The final had gone by a bearish crossover and is about to enter the impartial territory.

– Trading quantity: As anticipated, the previous two days of consolidation had been adopted by smaller quantity candles; nevertheless, in comparison with the previous month, the amount ranges of the previous week had been first rate excessive.

BTC/USD BitStamp Weekly Chart

BTC/USD BitStamp 4-Hour Chart

btc_jan11_4h-min

BTC/USD BitStamp 1-Day Chart

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Cryptocurrency charts by TradingView.
Technical evaluation instruments by Coinigy.

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