Bitcoin Price Analysis – Bitcoin Recovers Back To $8800 , Can Bulls Overcome This Crucial Resistance?

Bitcoin Price Analysis – Bitcoin Recovers Back To $8800 , Can Bulls Overcome This Crucial Resistance?

• Bitcoin bounced back with 8% gains over the past 24-hours
• After surging at $8800, Bitcoin is waiting for the next direction

Bitcoin has shown significant volatility over the past two days now. This time, it went upside in favour of the bulls following a sharp bounce from $8300. After crossing $8500 yesterday, BTC further moved to where it’s currently hovering around $8800. Meanwhile, the market is still waiting for a break or retest. Either of these moves would determine the next signal for Bitcoin.

Key resistance levels: $9000, $9150
Key support levels: $8600, $8535

Bitcoin (BTC) Price Analysis: 2H Chart – Bullish

Bitcoin has completed a XABCD harmonic pattern to the red line of $8800 on the 2-hours chart. As we can see, BTC is finding it difficult to break this resistance level. Though, the bat pattern is could produce a small retracement for Bitcoin if rejection occurs.

BTCUSD, 2H Chart – January 27

The retracement level to watch out for is the blue line of $8535, although sellers may encounter near support at $8600. Bitcoin is still showing strength at the moment. If the $8800 breaks, Bitcoin would reclaim the $9000 and $9150 resistance, meeting the yellow area. As of now, the leading cryptocurrency is under the bullish radar.

Bitcoin (BTC) Price Analysis: 30M Chart – Bullish

Bitcoin is projected on the upward range with a massive gain over the last 24-hours trading. The higher highs and higher lows price movement is captured in a channel. BTC is almost testing the channel’s upper boundary and the same time showing sign of weakness on the 30-minutes chart.
A bearish move could be underway. The price could drop to the channel’s support around $8700.

BTCUSD, 30M Chart – January 27

 

If the price breaks this support, BTC may drop slightly into the first blue support zone of $8645 before proceeding to $8535 on the second touch. Bitcoin could turn slightly bearish if these zones fail to suppress selling pressure. Currently, Bitcoin is trading at crucial resistance. If this resistance breaks, more gains lie ahead for Bitcoin at $8900, $9000 and beyond.

BITCOIN SELL ORDER

Sell: $8802
TP: $8650
SL: $8866

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Author : Michael Fasogbon

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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.