Bitcoin Breaks Major Resistance; Massive Bullish Levels Anticipated

News / 14.01.2020

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.

Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.