BTC/USD Needs To Wait For Decline to $8,300 for a Fresh Rally

News / 15.01.2020

There was an extension in the BTC/USD rally over the hurdle at $8,800. Nevertheless, it is possible to exhibit a lower retracement towards $8,400 or $8,300 prior to another upsurge.

In the previous day, the price of BTC began a remarkable move to the upside over the hurdles at $8,200 and $8,400. Afterwards, the price was within a range prior to another rally over the hurdles at $8,500 and $8,600.

Further, there was an upsurge over $8,800 and was able to settle well over the 100 hourly SMA, thereby forming a new high close to $8,898 and the price is now into lower correction.

There is a support close to the $8,600 and $8,620 (first support) on the downside. The immediate support may be $8,460. The major support and buy areas may be close to $8,400 and $8,300.

Besides, a look at the hourly chart of BTC against the USD reveals the formation of a major bullish trend line with support close to $8,300. Hence, declines in the price towards $8,400 and $8,300 could perchance secure remarkable bids.

 

Source: Cryptopress.

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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.