Bitcoin Rebounds Nicely, BTC Bulls Sighting Next Crucial Break
After a nasty upward move, bitcoin price corrected below $12,000 against the US Dollar.
The price towards the $10,400 support and recently started a fresh increase above $11,500.
There is a major contracting triangle forming with resistance near $12,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to break to the upside above the $12,400, $12,500 and $12,800 resistance levels.
Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Won’t Crash at $8,500
Sunday January 26, 2020
Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions. Per previous reports from NewsBTC, long-time Bitcoin skeptic and CEO of...
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Bitcoin price is showing a lot of positive signs above $11,600 against the US Dollar. BTC could continue to gain momentum once it clears the key $12,500 resistance area.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price traded higher sharply above the $11,000 and $12,000 resistances against the US Dollar. The BTC/USD pair even gained strength above the $13,000 level and traded close to the $14,000 level. A new 2019 high was formed near $13,875 and later the price started a sharp downside correction. There was a sharp dip below the $12,000 and $11,000 level.
Moreover, the price traded close to the $10,000 level and the 100 simple moving average (4-hours). Finally, the $10,400 level acted as a strong support and the price stayed well above the 100 SMA. A swing low was formed near $10,310 and the price recently started a fresh increase. It traded above the 50% Fib retracement level of the recent decline from the $13,875 high to $10,310 low.
In addition, bitcoin price managed to settle above the $12,000 level. More importantly, there is a major contracting triangle forming with resistance near $12,300 on the 4-hours chart of the BTC/USD pair. The 61.8% Fib retracement level of the recent decline from the $13,875 high to $10,310 low is near the $12,500 level. Therefore, an upside break above the $12,400 and $12,500 levels is needed for more gains.
Once there is a close above the $12,500 level, the price may accelerate above the $12,800 and $13,000 levels. The next key resistance is near the $13,300 level, followed by $13,650.
On the downside, there is a strong support forming near the $12,000 level. If the price fails to break the $12,500 resistance, it could correct lower. An immediate support is near the $11,600 level, below which bitcoin could trade towards the $11,200 support.
Here’s Ethereum Bears Last Defense, Can Bulls Overcome This Hurdle?
Wednesday January 29, 2020
Ethereum is up 2% and it broke the $175 resistance, while bitcoin rallied 5%. ETH price is now facing a strong resistance near the $178 and $180 levels. There was a steady rise in...
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Looking at the chart, bitcoin price is clearly preparing for the next break either above $12,500 or below $12,000. There are high chances of an upside break above $12,500. If not, the price could retest $11,200 before a fresh increase.
4 hours MACD – The MACD for BTC/USD is slowly moving back in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.
Major Support Level – $12,000
Major Resistance Level – $12,500
The post Bitcoin Rebounds Nicely, BTC Bulls Sighting Next Crucial Break appeared first on NewsBTC.
May 2020 Will See Bitcoin Become Major Competitor to World Currencies: Economist
Thursday January 23, 2020
Over the past decades, central banks like the Federal Reserve have failed to keep inflation rates stable. Bitcoin may benefit from this trend. After the cryptocurrency’s upcoming halving, after which the coin will have...
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