Bitcoin (BTC) Price Weekly Forecast: Approaching Next Crucial Break
There was a solid upside correction initiated from the $9,100 swing low against the US Dollar.
The price gained traction after it broke the key $10,000 resistance area and traded towards $11,250.
There was a break above a major bearish trend line with resistance at $10,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair tested a crucial resistance near $11,250 and it is currently correcting lower.
Crypto Tidbits: Elon Musk Talks Bitcoin, Ripple IPO Coming, Facebook’s Blockchain Loses Another Member
Saturday January 25, 2020
Another week, another round of Crypto Tidbits. The past week hasn’t been too good for Bitcoin, Ethereum, and their ilk, with the leading digital assets losing around 7% apiece since our last update. As of...
Bitcoin price is showing positive signs above the $10,250 support against the US Dollar. However, BTC must break the $11,250 resistance zone to continue higher in the near term.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price extended its decline below the $10,000 support against the US Dollar. The BTC/USD pair even broke the $9,500 support and settled below the 100 simple moving average (4-hours). Finally, the price traded close to the $9,000 and formed a swing low near $9,100. A support base is formed above $9,200 and the price started an upside correction.
The recent wave was positive as the price broke the $10,000 and $10,250 resistance levels. The price even surpassed the 50% Fib retracement level of the last major slide from the $11,920 swing high to $9,101 swing low. Moreover, there was a break above a major bearish trend line with resistance at $10,400 on the 4-hours chart of the BTC/USD pair. The price climbed above the $10,800 resistance and even spiked above the $11,000 level.
However, the upward move was capped by the $11,250 resistance area and the 100 simple moving average (4-hours). The 76.4% Fib retracement level of the last major slide from the $11,920 swing high to $9,101 swing low also acted as a strong resistance. As a result, the price started a downside correction below the $11,000 level. At the outset, it seems like there is a rising channel forming with support near $10,500.
If there is a downside break below the channel support, the price could decline towards the $10,250 or $10,000 support area. On the upside, the main resistance is near the $11,250 level and the 100 simple moving average (4-hours). A successful close above the $11,250 is must for more gains. If not, the price could start a fresh decrease below $10,500.
Ethereum Rallies 5%: Is This A False Breakout or Real Move To $200?
Monday January 27, 2020
Ethereum found support near the $158 area and climbed around 5%, just like bitcoin. However, ETH price is facing a strong resistance near $170, above which it could continue higher. After forming a support...
The post Ethereum Rallies 5%: Is This A False Breakout or Real Move To $200? appeared first on 12bitplay - Bitcoin Play.
Looking at the chart, bitcoin price clearly tested a crucial resistance near $11,250. Therefore, a clear break above $11,250 is needed for the bulls to gain control in the coming sessions.
4 hours MACD – The MACD for BTC/USD is struggling to gain traction in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Level – $10,250
Major Resistance Level – $11,250
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Bitcoin Just Surged to $9,400: Why Traders Think Price Will Explode Even Further
Tuesday January 28, 2020
Welcome back bulls. Over the past few hours, Bitcoin (BTC) has begun to surge higher again per TradingView, with buyers finally stepping in after last week’s 11% decline. Since hitting $8,200 late last week,...
The post Bitcoin Just Surged to $9,400: Why Traders Think Price Will Explode Even Further appeared first on 12bitplay - Bitcoin Play.