Bitcoin Back Above $8,000, Upward Move Likely

Jan 08, 2020 at 13:35 // News
Coin Idol
 Bitcoin effectively breaches the resistance levels

Bitcoin effectively breached the resistance levels, as the bulls' target $9,200. The bulls have made a consistent move as it breaks the resistance levels of $7,600 and $7,800. The market is now trading above $8,000 price level.

Bitcoin's upward move is likely to change as the momentum picks up above the $8,000 price level. Hopefully, the coin may achieve the target levels of $9,200 and $10,300, if the bulls face no resistance. Nevertheless, there may be little resistance at $9,200 as the coin continues to rise.  

Bitcoin Indicator Reading 

Remarkably, the bulls have broken the downtrend line and closed above it. This indicates that the selling pressure has been terminated. The current rise will continue to a high of $9,000. The EMAs have made a bullish crossover as the 12-day EMA crosses above the 26-day EMA. Bitcoin is trading at level 70 of the daily RSI.


Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7, 000, $6, 000, $5,000

What Is the Next Direction for BTC/USD?

 Bitcoin is trading above the $8,000 price level. According to the current status, the coin is out of the downtrend zone and it is approaching the $9,000 price level. For the coin to remain above the bullish trend zone, more buyers are to come in above the $8,000 support level. In October 2019, the bulls had a price rally but were repelled at $10,000 resistance level. This was due to a lack of buying power at the upper price level.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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