Bitcoin Crucially Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch

Bitcoin rallied more than 5% and broke key hurdles near $8,250 and $8,500 against the US Dollar. BTC price might continue to rise towards $8,780 and $8,800 in the near term.

Altcoins on Track to Plunge By 10%, Yet This Crypto Could Rally Higher
Sunday January 26, 2020

Over the past month, altcoins have finally started to break higher, reversing the Bitcoin-centric trend seen in the crypto market throughout all of 2019. In fact, the BTC dominance metric has dropped to 66%...

The post Altcoins on Track to Plunge By 10%, Yet This Crypto Could Rally Higher appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is gaining bullish momentum above the $8,400 resistance against the US Dollar.
There was a crucial upside break above the range resistance near $8,200.
Yesterday’s highlighted important bearish trend line was breached with resistance near $8,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct in the short term, but dips remain supported near $8,460 and $8,330.

This Technical Pattern Suggests Ethereum Is Gearing For Another Lift-Off
Tuesday January 21, 2020

Ethereum is trading nicely above the $162 and $158 support levels, similar to bitcoin above $8,500. ETH price is likely forming an inverse head and shoulders pattern, suggesting a fresh increase. Ether price is...

The post This Technical Pattern Suggests Ethereum Is Gearing For Another Lift-Off appeared first on 12bitplay - Bitcoin Play.

Bitcoin Rallies 5%, More Upsides Likely
Yesterday, we discussed the chances of an upside break in bitcoin above the $8,200 resistance against the US Dollar. BTC price did follow a positive bias and was able to break the key range resistance near $8,200.
Moreover, the bulls pushed the price above yesterday’s important bearish trend line with resistance near $8,150 on the hourly chart of the BTC/USD pair. It opened the doors for more gains and the price rallied above the $8,400 and $8,500 resistance levels.
Bitcoin Price
Finally, bitcoin traded to a new 2020 high at $8,627 and it is currently correcting lower. However, there are many supports on the downside, starting with $8,460 and up to $8,200.
On the upside, the $8,680 and $8,700 levels are initial hurdles for the bulls. If they are able to surpass the $8,700 level, the next key levels to watch are $8,800 and $8,950. The main target above $8,700 may perhaps be $9,000 in the coming sessions.
Pullbacks In BTC Remain Supported
In the short term, there could be a downside correction below $8,500. Ab initial support is near $8,460 and the 23.6% Fib retracement level of the recent rally from the $8,038 low to $8,627 high.
The next support is near the $8,300 area since it is close to the 50% Fib retracement level of the recent rally from the $8,038 low to $8,627 high. Any further losses could lead the price towards the main support at $8,200.
The recent breakout zone at $8,200 is likely to act as a strong support if bitcoin starts a downside correction from the current levels. The overall price action is positive, suggesting more upsides towards $8,800 and $9,000 in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 70 level, with signs of a correction.
Major Support Levels – $8,460 followed by $8,330.
Major Resistance Levels – $8,680, $8,800 and $9,000. The post appeared first on NewsBTC.

Fear of Mining ‘Death Spiral’ Blocks Path to $100,000 Bitcoin
Thursday January 23, 2020

Bitcoin will undergo its third halving event to date this May. The supply of new BTC released to miners with each block will reduce by half to 6.25 BTC. The impact of the event...

The post Fear of Mining ‘Death Spiral’ Blocks Path to $100,000 Bitcoin appeared first on 12bitplay - Bitcoin Play.

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