Bitcoin Bull Market Gains Steam, Breaks $9K For The First Time In 2020

On Jan. 18, Bitcoin (BTC) value finally made a powerful push by way of the resistance degree at $9,000 and rallied to $9,194 earlier than pull again barely. BTC value has reached its highest degree since early November, striking $9K for the primary time in 2020.

BTC USD daily chart

The upper side transfer introduced the value above the principle trendline of the ascending triangle inside the $9.1 to $9.2K zone (highlighted pink) to set a daily greater excessive and open the door for extra positive aspects to $9,600.

Cryptocurrency market weekly overview

Traders perceptive the 4-hour timeframe will discover that the value pulled proper at a lower place the ascending triangle arm and this level may operate as an space of resistance.

BTC USD 4-hour chart

Bitcoin’s earlier value motion from Oct. 26 to Nov. 8, 2019, means that bulls power want to flip $9.1K from resistance to help as a way to see a continuation to $9.2 to $9.5K.

On Jan. 18, Cointelegraph contributor Micha van de Poppe steered that if Bitcoin value pushed above $9,000, ” The next resistance levels [to target] are $9,400 and $10,000.”

Van de Poppe extraly cautioned that “Bitcoin started to rally since $6,400, so the upwards continuation will be stopped-up at some point to consolidate.”

In the daily timeframe, Bitcoin value motion girdle optimistic with the relative power index (RSI) and shifting common convergence divergence (MACD) each nevertheless in optimistic zones.

As tried on the daily chart, $9,132 has prolonged been a help for Bitcoin value and if bulls can flip this level to help then merchants will eye $9,600, $9,960 as the following targets.

BTC USD daily chart

The value can also be optimistic on the shorter timeframes because the MACD crossing above the sign line and the histogram flipping unseasoned above 0.

BTC USD MACD, RSI and Stoch 4-hour chart

Over the brief time period, merchants ought to control buying and marketing measure and the following couple of candles on the 4-hour timeframe to see if the value can again push above the ascending triangle trendline and thru the highlighted zone at $9.1 to $9.2K.

Crypto Total Market Cap chart

The total cryptocurrency market cap now stands at just under $250 billion and Bitcoin’s dominance is 66.4%. Notable gainers among the many top-10 altcoins have been Ether (ETH) with a 4.70% acquire, XRP at 5.94% and Stellar (XLM) with 7.05%.

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Bitcoin Bull Market Gains Steam, Breaks $9K For The First Time In 2020

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Patricia Bakely

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