Bitcoin is Vulnerable under $8.5k

News / 16.01.2020

The price of BTC/USD strived to surge over the hurdle at $8,900 two times. It is revealing some declining signs and it appears it may fall towards $8,300 or $8,200.

In the previous day, there was an extension of its rally over the hurdle at $8,500. The price experienced an upsurge towards $9,000, but strived to move beyond the hurdle area at $8,900.

On two occasions, the buyers failed to move the price over the hurdle at $8,900. Hence, the price returned to the downside under supports at $8,700 and $8,660.

Further, a look at the hourly chart of BTC against the USD revealed a break under a major bullish trend line with support close to $8,660. The chart shows another bullish trend line at $8,610 and is the next support. The past breakout area is the first major support close to $8,540. The ability of the buyers to move the price over the $8,540 support will most likely lead to the $8,900 zone.

The sellers focus on double levels close to $8,240 and $8,200 support. Any additional declines may take the price towards $8,000.

The bullish move will not hold if BTC remains over the neckline support at $8,540 and $8,500. The first hurdle on the upside is close to $8,700. The major hurdle is close to $8,900 and a move over it could prompt buyers to focus on the immediate crucial resistance close to $9,200 and $9,250.

 

Source: Cryptopress.

avatar
Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.