Bitcoin Price Breaks Through Key Resistance as Traders Target $9.2K

Published at: Jan. 28, 2020

Bitcoin daily price chart. Source: Coin360

Bitcoin (BTC) bulls appear to have found a second wind which allowed them to push the price above $9,000 to a daily high at $9,150.  As discussed in an earlier analysis, bulls had been fighting to hold the price above $8,800 throughout the day and multiple attempts at knocking out the $9K mark were held back at $8,963 and $8,985. 

BTC USD 6-hour chart. Source: TradingView

Traders will watch to see if Bitcoin to can sustain above $9,118.85 in order to flip the $9,100 to $9,200 zone to support and set a daily higher high. Above $9,200 traders will look to $9,500, $9,600, $9,963 and $10,538 as the next targets for Bitcoin price. 

Since Jan. 24 Bitcoin has rallied 11.31%, meaning an eventual pullback could see the price revisit $8,900 and $8,700. At the time of writing the moving average convergence divergence (MACD is on the verge of crossing above the signal line on the daily time frame and the histogram has nearly shifted from negative to positive as it approaches 0. 

BTC USD daily chart. Source: TradingView

The relative strength index is also bullish with a reading of 66 but the indicator is not yet overbought suggesting bulls could push the price higher. As mentioned previously, during strong rallies Bitcoin price can continue surging higher regardless of multiple indicators flashing overbought readings so traders are advised to keep a close eye on trading volume, the Chaikin Money Flow oscillator and also be wary if a double top candlestick pattern forms as this would be an early sign of a short term reversal. 

Bitcoin daily price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $250.3 billion and Bitcoin’s dominance rate is 66.1%. A number of altcoins also mirrored Bitcoin’s gains. Cardano (ADA) rallied 8.05%, Bitcoin SV (BSV) has held on to an 8.54% gain and Litecoin (LTC) rallied 7.49%.

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