Bitcoin Breaks Major Resistance; Massive Bullish Levels Anticipated
On the 14th of January 2020, the price of BTC/USD rose by over 5% and was able to break significant resistances close to $8250 and $8500. The price might keep upsurging towards $8780 and $8800 soon. On the previous day, there were rumors that the bitcoin price could incline above the hurdle at $8200. The price gathered sufficient momentum, leading to the rise over the major range hurdle close to $8200.
Moreover, the buyers could move the price over the critical declining trend line, highlighted in the previous day, with a hurdle close to $8150, as revealed on the BTC/USD hourly chart. It paved the way for additional upsides with a rally over hurdles at $8400 and $8500.
Major Resistances and Supports
The BTC/USD price eventually attained a fresh 2020 high at $8627, and it is now retracing backward. However, several supports exist on the downside, and it begins at $8460 and up to $8200. The first resistance on the upside are $8680 and $8700. A successful surge above $8700 needs a focus on the immediate main levels, $8800 and $8950. The bulls may work towards $9000 as the significant target above $8700.
Currently, the price may return to the downside below $8500. Any other declines may take the price towards the significant support at $8200. The price may get strongly supported at the recent breakout area at $8200 if a possible retracement from the price level at the moment commences. The general price action is positive, pointing to additional upsides towards $8800 and $9000 soon.
by Wayne Jones
by Wayne Jones
by Wayne Jones