Bitcoin Daily Chart Shows Parabolic Move To $9,000 and $10,000

News / 08.01.2020

The price of BTC/USD pair was able to break several critical resistances close to $7,500 and $8,000. Based on the price action of BTC, it seems a remarkable surge towards $9,100 or even $10,000 is possible.

In recent times, some moves to the upside ensued over the hurdle at $7,500. Some significant bullish breaks were observed on the daily chart of BTC/USD.

A look at the daily chart shows the formation of a remarkable support base close to $6,560 prior to the beginning of the current rally. The price surged over a major declining trend line with hurdle close to $7,630. This led to a surge over the hurdle at $8,000 and the establishment of a level over the 100-day SMA.

Nevertheless, its price action at the moment, bullish breaks over the trend line, and the 100-day SMA signal the alignment of the buyers for the immediate rally over the hurdle at $8,500.

The immediate key hurdles are close to $9,000 and $9,100. A continuous momentum gain over $9,100 allows the price to surge towards the hurdle zone at $10,000.

The price may encounter some downside retracements in the short term. If the retracements occur, the first support is close to $8,300.

The major support is close to $8,000 or the 100-day simple moving average, which was the breakout area in recent times. If the price declines further, it will lead to a $7,500 support zone soon.


Featured image courtesy of Shutterstock. Source: Cryptopress.

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.