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/USD BitStamp 1-Day Chart


Enjoy studying? Please share:

Click right here to begin trading on BitMEX trade and obtain 10% low cost on charges for six months.

Disclaimer: Information discovered on CryptoPotato is these of writers quoted. It doesn’t signify the opinions of CryptoPotato on whether or not to purchase, promote, or maintain any investments. You are suggested to conduct your personal analysis earlier than making any funding choices. Use supplied info at your personal threat. See Disclaimer for extra info.

Cryptocurrency charts by TradingView.
Technical evaluation instruments by Coinigy.


Comments (No)

Leave a Reply