On Jan. 18, Bitcoin (BTC) value lastly made a robust push via the resistance stage at $9,000 and rallied to $9,194 earlier than pulling again bare
On Jan. 18, Bitcoin (BTC) value lastly made a robust push via the resistance stage at $9,000 and rallied to $9,194 earlier than pulling again barely. BTC value has reached its highest stage since early November, hitting $9K for the primary time in 2020.
BTC USD each day chart. Supply: TradingView
The upside transfer introduced the value above the primary trendline of the ascending triangle within the $9.1 to $9.2K zone (highlighted pink) to set a each day increased excessive and open the door for additional features to $9,600.
Cryptocurrency market weekly overview. Supply: Coin360
Merchants observing the 4-hour timeframe will discover that the value pulled proper under the ascending triangle arm and this level might operate as an space of resistance.
BTC USD 4-hour chart. Supply: TradingView
Bitcoin’s earlier value motion from Oct. 26 to Nov. 8, 2019, means that bulls might want to flip $9.1K from resistance to assist with a view to see a continuation to $9.2 to $9.5K.
On Jan. 18, Cointelegraph contributor Michaël van de Poppe suggested that if Bitcoin value pushed above $9,000, “ The subsequent resistance ranges [to target] are $9,400 and $10,000.”
Van de Poppe additionally cautioned that “Bitcoin began to rally since $6,400, so the upwards continuation might be stopped sooner or later to consolidate.”
Within the each day timeframe, Bitcoin value motion stays bullish with the relative power index (RSI) and shifting common convergence divergence (MACD) each nonetheless in bullish zones.
BTC USD MACD, RSI and Stoch each day chart. Supply: TradingView
As proven on the each day chart, $9,132 has lengthy been a assist for Bitcoin value and if bulls can flip this level to assist then merchants will eye $9,600, $9,960 as the subsequent targets.
BTC USD each day chart. Supply: TradingView
The value can also be bullish on the shorter timeframes because the MACD crossing above the sign line and the histogram flipping inexperienced above 0.
BTC USD MACD, RSI and Stoch 4-hour chart. Supply: TradingView
Over the quick time period, merchants ought to regulate buying and selling quantity and the subsequent couple of candles on the 4-hour timeframe to see if the value can once more push above the ascending triangle trendline and thru the highlighted zone at $9.1 to $9.2K.
Crypto Whole Market Cap chart. Supply: Coin360
The general cryptocurrency market cap now stands at slightly below $250 billion and Bitcoin’s dominance is 66.4%. Notable gainers among the many top-10 altcoins had been Ether (ETH) with a 4.70% acquire, XRP at 5.94% and Stellar (XLM) with 7.05%.