Bitcoin (BTC) Surges Ahead, Targets $9,200 Resistance

24 January 2020 | Updated: 24 January 2020

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bullish
Since January 14, Bitcoin has been in a period of price consolidation. The coin has been fluctuating between $8,250 and $9,000. Today, BTC reaches the low of $8,250 and it is bouncing upward. In the previous week, there was the presence of small body candlesticks like Doji describing the indecision between the buyers and sellers.

Nonetheless, a strong bounce at $8,250 will indicate buying at the low. However, the next stage of the upward move will start when the bulls push the price above the $9,200 price level. Subsequently, the rally will extend to the $10,300 price level.

BTC/USD - Daily Chart

Daily Chart Indicators Reading:
Bitcoin is trading and it is above the 250 line of MACD. In other words, the MACD line and the signal line are above the zero line which indicates a buy signal. The 21-day SMA and 50-day SMA are trending northward indicating an uptrend.

BTC/USD Medium-term bias: Bullish
On the 4-hour chart, the coin has been on a downward move as it falls to a low of $8,250. The support is holding as the price rises to resume the upward move. The bulls should pick up the momentum that will retest or break the resistance at $9,200.

BTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
At the moment, Bitcoin is trading in the oversold region of the daily stochastic. At the oversold region, selling pressure has been overdone suggesting bulls to take control of price. The stochastic bands are making a U-turn above the 25% range indicating that Bitcoin is in bullish momentum.

General Outlook for Bitcoin (BTC)
The bulls have sustained the price above EMAs as Bitcoin consolidates above $8,000 and below the $9,000 resistance. The upward move has resumed retesting the $9,200 resistance. On the upside, if the breakout at $9,200 is successful then we expect the price to rally to the next resistance. Traders should initiate long trades at the current market price.

BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,500
Stop: $8,300
Target: $9,200

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.