Bitcoin Crucially Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch

News / 14.01.2020

The price of BTC/USD surged to the upside by over 5 percent and was able to break major resistances close to $8,250 and $8,500. The price could keep rising towards $8,780 and $8,800 soon.

In the previous day, it was mentioned that the price could surge above the hurdle at $8,200. The price gathered sufficient momentum that led to a surge over the major range hurdle close to $8,200.

Further, the buyers were able to move the price over the critical declining trend line highlighted in the previous day, with hurdle close to $8,150, as observed on the hourly chart of the BTC against the USD. This paved the way for additional upsides with a rally over hurdles at $8,400 and $8,500.

The price eventually attained a fresh 2020 high at $8,627 and it is now retracing backward. Nevertheless, several supports exist on the downside and it begins with $8,460 and up to $8,200.

The first resistances on the upside are $8,680 and $8,700. A successful surge above $8,700 needs a focus on the immediate main levels ($8,800 and $8,950). The bulls may work towards $9,000 as the major target above $8,700.

For now, the price may return to the downside under $8,500. Any additional declines may take the price towards the major support at $8,200.

The price may be strongly supported at the recent breakout area at $8,200, if a downside retracement from the price level at the moment begins. The general price action is positive, pointing to additional upsides towards $8,800 and $9,000 soon.

 

Source: Cryptopress.

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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.