Bitcoin Price Analysis – Buying Pressure Holds After Bitcoin Hits $8800, What’s Next?
Login

Bitcoin Price Analysis – Buying Pressure Holds After Bitcoin Hits $8800, What’s Next?

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

Michael Fasogbon

Updated:
• Bitcoin remains bullish but the rally is stalled at $8800 resistance.
• A heavy drop could occur if BTC breaks the wedge on the 4H chart.
• Decreasing volume on the 30-M chart indicates short selling for Bitcoin.

After our previous crypto trading signals, Bitcoin’s price shifted a bit upward to $8800 before closing around $8770 yesterday. Today, the market has dropped slightly $8600 after opening long at $8850. However, Bitcoin is now priced at $8700. If the price surges above the current high, we can anticipate more gains. Otherwise, the market could fall back to $8400.

Key resistance levels: $8858, $9000
Key support levels: $8400, $8000

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

Since Bitcoin broke $8400 to $8850 yesterday, the price has remained trapped in a rising wedge. As of now, BTC is likely to fall into the wedge’s support of $8400 – where the red horizontal area lies. But one thing here is that the bullish pattern has stretched enough in the wedge as a breakout is imminent.

BTCUSD, 4H Chart – January 2020

If Bitcoin’s price drops below this wedge, $8000 would be the next selling target. A further drop could cut the BTC price to $7770, $7364 and $7000 support. But at the moment, the most realistic level here is $8400 – where the market could bounce back to $9000. However, a wedge breakup would strengthen more bullish actions.

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

Bitcoin’s momentum has been quite weak since the price crossed $8400 yesterday. Following a small drop earlier today, Bitcoin is currently bouncing back after finding support around the $8580 and at the same time sitting on the white diagonal support. Buyers are now targeting previous resistance of $8850.

BTCUSD, 30M Chart – January 2020

New resistance could be created around $9000 if Bitcoin breaks the current resistance. Looking at the 30-minutes chart, we can see that volume is on the downside – suggesting a potential drop in price. Should BTC show weakness and plunges below $8500, we should expect a quick correction to $8400. A further drop beneath this mentioned price might lead to a devastating drop.

BITCOIN BUY SIGNAL

Buy Entry: $8704
TP: $8800
SL: $8500

  • 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