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

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News