Bitcoin (BTC) Ranges as Dominance Falls

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

BTC/USD Long-term Trend: Bullish
Bitcoin is still trading in the bullish trend zone. We have entered the fourth day as Bitcoin continues to struggle below the $8,800 resistance level. On a daily bases, the bulls will test the resistance level and pullback. As the coins fluctuate below the resistance level, the coin is characterized by indecisive candlesticks like the Dojis and the Spinning tops.

These candlesticks describes the indecision between the buyers and sellers. Nonetheless, if the bulls succeed in breaking the $8,800 resistance, the market will move to the $9,500. Meanwhile, the fluctuation is ongoing below the resistance level.

BTC/USD - Daily Chart

Daily Chart Indicators Reading:
Bitcoin is in a strong bullish momentum as the stochastic bands are above the 80% range. It is possible that sellers may show up in the overbought region of the market. The purpose is to push the price downward. The EMAs are also showing signs of a bullish crossover indicating price rise.

BTC/USD Medium-term bias: Bullish
On the 4 hour chart, the price is in an uptrend. The coin is making a series of higher highs and higher lows. The uptrend is showing the support levels of price where traders can initiate long trades. The bulls are testing the resistance at $9,000, while the price pulls back.

BTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The RSI period 14 level 66 indicates that the market is above the centerline 50. It means that Bitcoin will rise. The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move.

General Outlook for Bitcoin (BTC)
For the past four days, Bitcoin is in a sideways trend. The upward move has been hampered at the $8,800 resistance level. The market is actually fluctuating between the levels of $8,600 and $8,800. In a couple of days to come, we should expect a price breakout or price breakdown. A bullish breakout will see the Bitcoin reached a high of $9,500. All the indicators are showing buy signals

BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,800
Stop: $8,000
Target: $9,500

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Bitcoin Price Analysis – Bitcoin Makes Wedge Pattern To $9000 But Correction is Underways

• Bitcoin hits $9000 after a long-term breakout.
• BTC remains bullish but sellers lurk around.
• A break below $8500 may set the market on correction mode.

Again, Bitcoin’s price has increased by roughly 5% to hit $9000 after breaking from the strong bearish zone of $8400 this week. This surge has made BTC reach the wedge resistance on the 4-hours chart. A downward correction is clearly playing out on the hourly channel pattern. Once Bitcoin clearly breaks below $8500, we should expect a short-term sell to $8000. Still, Bitcoin remains bullish!

Key resistance levels: $9000, $9400
Key support levels: $8600, $8500

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

Bitcoin has made an upward shift the wedge’s resistance at $9000 a few hours ago. The buyers are still showing interest in the BTC price. Considering the last 4-hours rejection candle that led the bulls to $9000 earlier today, Bitcoin’s price is likely to correct to the wedge’s support of $8500 in the next few hours.

BTCUSD, Hourly Chart – January 17

A drive below this wedge might cause a lot of bearish sentiment. A rebound from this wedge’s support could send Bitcoin straight to $9400 resistance in the next rally. But looking at the price action, the BTC market is due for a correction. A small bearish play is around the corner. Nevertheless, the technical indicators are still up. So, we can expect bullish continuation once Bitcoin run a retracement.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

So far, the $8400 breakout has allowed Bitcoin trade in a channel boundary with a mild gain to $9000. Now, the price is dropping toward the channel’s support. It may lead to a devastating drop if $8600 fails to provide support for the BTC market. A break could floor Bitcoin at $8400 and $8200.

BTCUSD, Hourly Chart – January 17

Bouncing off this channel could allow buyers to retest $8800 and $9000 resistance once more. As shown on the RSI, the price of Bitcoin is currently dropping, although now sitting on the 50 level. The MACD moving average is currently aiming a bearish cross. If these indicators drop below their mid-levels, BTC would confirm a bearish correction to key supports. However, the bullish bias remains valid at the moment.

BITCOIN SELL SIGNAL

Sell Entry: $8814
TP: $8514
SL: $9050

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Bitcoin (BTC) Consolidates, Attempts to Resume Uptrend

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

BTC/USD Long-term Trend: Bullish

For the past three days, the bulls have been compelled to a stand still below the $9,000 resistance. Bitcoin is in a sideways move below the resistance for a few days since the upward move has been put on hold. Bitcoin has taken a breather as the price continues its consolidation. After the consolidation, price will follow the direction of the market.

Assuming the bulls breaks the resistance above $8,800; the next resistance will be $9,500. Likewise, if the bears push the price downward, the market may drop to the low of $8,200 or $8,000. Meanwhile, the coin is still consolidating below $9000.

BTC/USD - Daily Chart

Daily Chart Indicators Reading:
The MACD line and the signal line are well above the zero line indicating a buy signal. The moving averages are in a bullish crossover indicating the upward move. The price seems to be fluctuating as the bulls fail to break the resistance level.

BTC/USD Medium-term bias: Bullish
On the 4 hour chart, the price is in a sideways trend. The bulls have made two unsuccessful attempts at the $8,800 and were resisted. Each time the price will drop down and move up again. The bulls are making another bullish move to retest the $8,800 resistance.

BTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The Relative Strength Index period 14 level 60 indicates that the market is above the centerline 50. It means that Bitcoin will rise. The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move.

General Outlook for Bitcoin (BTC)
Bitcoin is now in a sideways move below the $8,800 resistance. The bulls upward have been suspended for the past three days due to the inability of the bulls to break the $8,800 resistance. As the price continues to consolidate, there is the likelihood of a breakdown or breakout.

BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,600
Stop: $8,000
Target: $10,000

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Bitcoin Price Analysis – Price Rejects To $8600, Can Bitcoin Make or Break This Support?

• Bitcoin’s price cut to $8600 after rejection at $8800.
• The bullish pattern remains valid but could end if Bitcoin breaks down the wedge on the 4-hours chart.

After breaking $8400 two days ago, Bitcoin has been facing serious rejection around the $8800 resistance. Due to this, the BTC price dropped to $8600 support earlier today. If Bitcoin continues to correct, we may see a sell to $8000 and beyond before regaining momentum. However, a break above $8800 would confirm a more bullish setup.

Key resistance levels: $8700, $8850
Key support levels: $8400, $8000

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

On the 4-hours, Bitcoin’s price dropped to $8600 after witnessing a lot of rejection around the wedge’s resistance of $8800. The price could slip to the wedge’s support of $8400 in the next price drop. Nonetheless, BTC remains under a bullish control. So, there’s still hope for a rebound as the price may revisit $8700 and $8850 resistance levels.

BTCUSD, 4H Chart – January 16

The only thing to worry about here is a wedge breakdown. If this occurs, it might be the end of the short-term bullish as bears would step back into the market. The price ranges for a potential breakdown is $7770 and $7364. However, the $8000 is important support. If buyers reclaim $8850, Bitcoin would continue bullish impulsive.

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

As of the time of writing, Bitcoin is trading at the bottom of the channel forming since yesterday. While sitting at this key support of $8600, two things are likely to happen: a make or break. If Bitcoin makes from this channel’s support, the price could head back the $8800 resistance to meet the channel’s upper boundary.

BTCUSD, 30M Chart – January 16

On the other hand, a breakdown could floor price in the $8400 support, testing the white rising trend line. Apart from the channel’s lower boundary, Bitcoin is also supported by a grey trend line that was formed since January 14. However, if BTC surges above the channel formation, we can expect more bullish setup. As of now, Bitcoin is moving sideways on the 30-minutes chart.

BITCOIN SELL SIGNAL

Sell Entry: $8615
TP: $8400
SL: $8712

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SEC Records Yet Another Bitcoin ETF Petition Withdrawal

A document published on the 14th of January by the United States Securities and Exchange Commission has confirmed rumors being circulated that Bitwise Asset Management has withdrawn its previous petition for a Bitcoin exchange-traded fund. This will be the second notable ETF withdrawal in the past few months after a coinciding action by VanEck.

Bitwise originally filed for an ETF enrollment in January last year. Some months after its filing, the firm published the Bitwise Report on exchange volume, which claimed that 95% of its total trading volume was falsified.

This discovery was used by the enterprise as a debating point for the SEC to approve the ETF filing. By dismissing the bulk of the exchange volume, the enterprise sustained that price formation for Bitcoin happened largely on regulated exchanges.

However, the SEC was not convinced by this debate and turned down the petition in October 2019. Some weeks later, however, the agency settled on re-evaluating its vindication.

This has led to confusion as to why Bitwise is now just deciding to relinquish its petition. The executive of the enterprise has refused to give any statement on the development.

This is almost the same pattern that ensued before VanEck withdrew its ETF petition in September 2019.

Challenges Facing Bitcoin ETFs
An ETF is much like a stock that tracks certain assets or indexes of an asset. Shares of ETFs mimic the price movement of the underlying asset and can be traded normally on exchanges.

A Bitcoin ETF on that account would provide institutional and retail investors likewise with the means to have unrestrained access to the cryptocurrency while obeying regulations set by exchanges.

There have been numerous undertakings in the past to get the SEC to approve a Bitcoin ETF. The agency’s main concern is still on the possibility of manipulation by bad actors and difficulty in regulation.

The Chair of the SEC, Jay Clayton, stated in a conference in September last year that the agency was progressing and that there was still a lot of work to be done.

The agency has another ruling on an ETF petition by Wilshire Phoenix set for February 2020.

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Bitcoin (BTC) Fights On, Retake Lost Ground

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

BTC/USD Long-term Trend: Bullish
In the last 24 hours, Bitcoin has been struggling to penetrate the resistance at $8,800. In the previous days, the bulls overwhelmed the bears as more resistances were broken. The coin is now in a sideways move as the bulls fail to jump over the resistance.

In the meantime, the pair can adopt the same momentum to break the resistance at $8,800. A break above $8,800 will make the price rally close to $10,000 mark. Conversely, the bears may put up a fight and resist the upward move. Bitcoin may be compelled to a sideways move if the resistance at $8,800 remains intact.

BTC/USD - Daily Chart

Daily Chart Indicators Reading:
The Relative Strength Index (RSI) period 14 level 68 indicates that price is approaching the overbought area. It also indicates that the price is above the centerline 50. Bitcoin has a chance of an upward movement. The 21-day SMA and the 50-day SMA are pointing northward indicating the upward move.

BTC/USD Medium-term bias: Bullish
On the 4 hour chart, a large bullish candlestick broke the resistance since January 14. The price is now testing the resistance at $8,800 unable to break it. The price is clustering below the resistance in a sideways move. Bitcoin is taking a breather as price consolidates. An upward move is possible after the consolidation.

BTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
Bitcoin was at the overbought region of the daily stochastic when the coin reached the $8,800 price level. However, as the coin fell, the stochastic dropped below 80% range. In other words, the coin is in bearish momentum. There is a likelihood of it turning into bullish momentum as the price is about to move up.

General Outlook for Bitcoin (BTC)
Bitcoin is likely to face one more hurdle before the $10,000 mark. The price bars are beginning to form below the $8,800 as the bulls are yet to break the resistance. Nevertheless, the bulls are making a second attempt to break the current resistance. It is most likely a breakout will occur. Traders can place buy pending orders at $8,900. Then a stop loss can be placed below $8400.

BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,800
Stop: $8,000
Target: $10,300

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

• 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

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Bitcoin (BTC) Breaches another Resistance, a New Uptrend Likely

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

BTC/USD Long-term Trend: Bullish
Today, the bulls have succeeded in breaking the first resistance at $8,200. It is likely to break the second resistance at $8,400. During the first bullish impulse, the bulls were resisted at $8,400. This caused Bitcoin to commence a sideways move for a week. Buyers are having the upper hand as they push through the resistance levels.

Now the $8,200 resistance has been broken. The bulls are capable of breaking the $8,400 if the momentum is applied. On the upside, if the $8,400 resistance is broken price will rally and reach the highs of $ $9,500 and $10,000. On the downside, if the bulls fail to break the $8,400 resistance, the coin will commence another sideways move.

BTC/USD - Daily Chart

Daily Chart Indicators Reading:
The market is above the overbought region of the daily stochastic. That is above 80% range indicating that Bitcoin is in bullish momentum. The 21-day SMA and the 50-day SMA are trending northward indicating that price is rising.

BTC/USD Medium-term bias: Bullish
On the 4 hour chart, the price is making a series of higher highs and higher lows. On the chart, the bulls tested the resistance at $8,200 on four occasions. On the fifth time, the bulls break the resistance and are presently battling with the second resistance at $8,400.

BTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The Relative Strength Index (RSI) period 14 level 71 indicates that price has reached the overbought region of the market. This indicates that sellers may come in at the overbought region and resume selling. Bitcoin may retrace and test the support line to resume upward. However, a break below the support line will result in downtrend resumption.

General Outlook for Bitcoin (BTC)
Bitcoin is making progress as it breaks the resistance at $8,200. The bulls have succeeded in defending the $8,000 support as the sideways move lasted for a week. Buyers overwhelmed the bears at $8,200 as the bullish momentum was sustained. The bulls have one more hurdle at $8,400 before facing the $10,000 price mark.

BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,487
Stop: $8,000
Target: $10,000

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Bitcoin Price Analysis – Bullish Signal: Is Bitcoin Breaking Out From This Six-Month Channel?

• Bitcoin is breaking out of a long bearish zone – the six-month channel boundary.
• $7600-$8000 support provides a rebound for Bitcoin.
• A retracement move is likely if the price drops below $8500

After finding support at $7600 last week, Bitcoin has further mounted key support at $8000 -which now fuels the current price increase. The buyers are coming up with a strong momentum that is likely to turn the BTC market on bullish impulsive for this year. If the bears react to price actions, we should expect a retracement move to a near or an important support level.

Key resistance levels: $8800, $9600
Key support levels: $8000, $7600

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Bitcoin is attempting to break away from a six-month descending channel. The bullish move would confirm if we see a daily price close above this channel. As of now Bitcoin has managed to surpass last week’s $8400 and now trading slightly above $8500. The last 24-hours gain from $8000 signals an incoming bullish momentum.

A clean breakout should provide buying opportunity to June 2019 high ($13700) in coming months.

BTCUSD, Daily Chart – January 14

But for now, the mid-term resistance lies at $8800 and $9600. Meanwhile, Bitcoin is currently sitting on $8000 support. If this support fails to keep the bulls on track, BTC may have support at $7600. Following the past four weeks of gains, Bitcoin’s price would keep appreciating if buyers stay long in the market.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

The latest surge above the yellow symmetrical triangle on the hourly chart indicates that the bulls are back in the market. Meanwhile, Bitcoin’s price has been rejected at $8600. A retracement is likely to play out before BTC continues to climb higher. The potential rebound level here is $8288 – where the horizontal grey area lies on the chart.

BTCUSD, Hourly Chart – January 14

From this area, the next buying target we should be looking at is $8800 and $9000. At the moment, the market is deciding on whether to drop or not. If the bulls regroup above $8500, Bitcoin could significantly surge to the mentioned resistance. However, it’s important to wait for a short pullback before joining the bullish trend.

BITCOIN BUY SIGNAL

Buy Entry: $8289
TP: $8600 / $8800
SL: $8022

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Bitcoin has become an Investment Vehicle to Watch in 2020

News coming from a crypto market research company, Arcane Research, remarks that Bitcoin’s trading volume has more than doubled in the past week.

Based on the publication, Bitcoin’s 7-day average trading volume has increased by 125% just in the first week of 2020, with about $1.5 billion in trades recorded on the 8th of January alone.

The Crypto Market is Starting to Form a Bullish Trend
The research house also highlighted that the crypto Fear and Greed Index displayed on the website of Alternative.me has been on a steady rise since the end of 2019 and on the 6th of January, it dropped to a neutral level for the first time in 3 months.

The publication also remarks that Bitcoin’s volatility has also been rising with the price.

The website mentioned elucidates that in cases where the index enters the “Fear” region, it is a clear indication that investors are fearful which is a good buying opening, while when it gets into the “Greed” region, it means that the market might witness a retrace soon. The tool sources its information from market movement, social media, and Google.

The research company also highlights that the war between Iran and the US has driven Bitcoin’s correlation with gold to levels last witnessed in August 2016. It also cites that the war has had positive impacts on the price of gold and Bitcoin.

Bitcoin’s Activities are Going Through the Roof
Based on the publication, it has also been observed that Bitcoin’s blockchain has undergone a rebirth as its activities are spiking heavily. The number of transactions has climbed by 5% in just a week. Also, mining charges have risen by about 40% and the number of active accounts has gone up by 7.6%.

Bitcoin is becoming increasingly bullish with recent reports on the cryptocurrency becoming even more optimistic. The crypto giant is expected to rise even further running up to the next halving event in May.

It is also expected that Bitcoin will deliver more than 100% return to investors this year.

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