2020-1-27 17:32 |
Bitcoin price is gaining traction from the $8,220 support base. BTC to USD is currently trading above $8,650 and it is likely to accelerate above the $8,780 and $8,950 resistance levels in the near term.
Key Takeaways: BTC/USD Bitcoin price is rising and trading nicely above the $8,600 pivot level against the US Dollar. BTC/USD is following an ascending channel with support near $8,650 on the 2-hours chart (data feed from Bitstamp). Ethereum is also rising and it is about to break the $170 resistance area. Bitcoin Price AnalysisIn the past few sessions, bitcoin price followed a bullish path from the $8,300 support area. BTC to USD surpassed a couple of important resistances near the $8,520 and $8,650 levels to start the current increase.
Looking at the 2-hours chart, bitcoin even settled above the $8,650 level and the 50 simple moving average (2-hours, purple). The bulls were able to push the price above the 61.8% Fib retracement level of the key slide from $8,789 to $8,217.
It is now gaining pace above the $8,700 level. Besides, the price is trading nicely above the 76.4% Fib retracement level of the key slide from $8,789 to $8,217.
Therefore, bitcoin price is likely to climb above the $8,780 and $8,810 resistance levels. In the mentioned case, the price could reach the $8,923 level since it is the 1.236 Fib extension of the mentioned slide.
Any further gains could lead the price towards the $9,150 and $9,200 resistance levels. At the outset, the price is following an ascending channel with support near $8,650 on the 2-hours chart.
If there is a downside break below the channel support, the price could start a downside correction below $8,600. The next major support is near the $8,570 level. However, the main support is now near the $8,480 level and the 50 simple moving average (2-hours, purple).
Overall, bitcoin price is gaining momentum and it is likely to accelerate above the $8,780 and $8,950 resistance levels in the near term. Conversely, dips towards $8,570 or $8,480 could find a strong buying interest.
Live Bitcoin (BTC) Price: 1 BTC/USD =$8,765.2369 change ~ 3.38%Coin Market Cap
$159.39 Billion24 Hour Volume
$5.17 Billion24 Hour VWAP
$8.65 K24 Hour Change
$296.0966 var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD");Similar to Notcoin - Blum - Airdrops In 2024
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