Bitcoin Price Analysis – Bitcoin Extend Weekly Gains Above $9150, Is $10000 The Next Target?

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29 January 2020 | Updated: 29 January 2020

• Bitcoin’s price now stuck at $9400 but could resume uptrend once buyers regroup
• If Bitcoin resumes buying, the price might hit $10000 in the coming days.

After surpassing the $9150, Bitcoin’s price further increased but now the price stuck around $9400. The price could correct healthily at $10000 if BTC keeps rising. Otherwise, we may see a small retest at $9200 before climbing higher. Still, buyers are still showing strong interest in the price.

Key resistance levels: $9700, $10000
Key support levels: $9200, $9000

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Bitcoin has added more gains beyond the $9150 resistance over the past few hours. The price is currently roaming in a crucial zone of $9400 after a three days gain. Meanwhile, the four weeks bullish scenario was footed by the inverse head-and-shoulder pattern that got broke at $7560 on January 6. Buyers are looking for more gains.

BTCUSD, Daily Chart – January 29

Bitcoin is most likely to target $9700 and $10000 in the next rally. It could touch the red rising line at $10400 if buying pressure is heavy. Should the current resistance zone ($9400) prove strong; Bitcoin might retrace back to $9200-$9000 price ranges before gaining momentum. If those ranges fail, the market might drop lower. As of now, long-term buyers are still present.

Bitcoin (BTC) Price Analysis: 4H Chart – Bullish

The 4-hours chart for Bitcoin is positioned in an upward range. The buyers are aiming the wedge’s resistance but they are currently stuck in the middle, trapped at the red resistance zone. A successful climb above this red zone is most likely to fuel bulling pressure to $9600 and above.

BTCUSD, 4H Chart – January 29

Considering the last three 4-hours candle formation, the bulls appeared to be taking a rest at the moment. There is still room to accommodate gains if they return in the market. However, if the bulls go on a long break, Bitcoin may suspend bullish move. In that case, the price may fall slightly beneath the red area. It may reach the wedge’s support if the BTC price gets weaker.

BITCOIN BUY ORDER

Buy: $9277
TP: $10000
SL: $8976

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Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.