Bitcoin had seen a grand opening to the new decade, following a decent surge of roughly 00 in the first days of 2020.After reaching a high of 00 last Wednesday, Bitcoin had encountered resistance and quickly turned around. However, the coin continues to look healthy and positive, consolidating safely above the 00 benchmark.Yesterday we saw Bitcoin gearing down towards the 00 support, along with the crucial mid-term descending trend-line (that was started forming during June 2019, marked on the following daily chart).Bitcoin touched it, in order to confirm the line as resistance-turned-support level, and from there, quickly turned its pace back up to where it trades as of writing these lines.As mentioned above, the short-term looks bullish. In the longer term, the next real test
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Yuval Gov considers the following as important: Bitcoin (BTC) Price, BTCanalysis
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Bitcoin had seen a grand opening to the new decade, following a decent surge of roughly $1000 in the first days of 2020.
After reaching a high of $8400 last Wednesday, Bitcoin had encountered resistance and quickly turned around. However, the coin continues to look healthy and positive, consolidating safely above the $8000 benchmark.
Yesterday we saw Bitcoin gearing down towards the $7700 support, along with the crucial mid-term descending trend-line (that was started forming during June 2019, marked on the following daily chart).
Bitcoin touched it, in order to confirm the line as resistance-turned-support level, and from there, quickly turned its pace back up to where it trades as of writing these lines.
As mentioned above, the short-term looks bullish. In the longer term, the next real test might be the 200-days moving average line, which is currently around $9200.
Looking at the bigger time-frame, the weekly chart, we can see Bitcoin reaching accurately onto the white line, which is the critical moving average 21 weeks. The bulls would seek a weekly candle close above $8200, and another green candle for the following next 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 levels: As of now, Bitcoin is safely consolidating above $8000, which is the first support. A little below lies $7850 and $7700. Further down is the $7466 (the 61.8% Fib retracement level), and $7300 – $7400.
From above, the first level of resistance is the $8300 – $8400 price area, which is the high from last Wednesday. In case of a breakout, then Bitcoin will likely test $8600 and $8800 (stronger resistance), before $9000 and the MA-200 (light green line on the following daily chart, ~$9200).
– The RSI Indicator: The momentum indicator is tracing the recent price action, and so far – so good.
A bearish sign might be coming on behalf of the Stochastic RSI oscillator: The last had gone through a bearish crossover and is about to enter the neutral territory.
– Trading volume: As expected, the past two days of consolidation were followed by smaller volume candles; however, compared to the past month, the volume levels of the past week were decent high.
BTC/USD BitStamp Weekly Chart
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
