Does Bitcoin Need to Drop to $8300 Before Another Upsurge?

News / 15.01.2020

Over the hurdle at $8000, there was an extension in the BTC/USD rally. However, it is also possible to exhibit a lower retracement towards $8400 or $8300 before another upsurge.

Yesterday, Bitcoin’s price began a remarkable move on the upside, over the hurdles at $8200 and $8400. The price was eventually within a range before another rally over the hurdles at $8500 and $8600.

Bitcoin Price Analysis

There was an additional upsurge, over $8800, and settled well over the 100 hourly SMA. Hence, forming a new high close to $8898, and the price is now into a lower correction.

On the downside, there is support close to the $8600 and $8620, the first support. The immediate support maybe $8460, while the significant support and buy areas may be close to $8400 and $8300. Additionally, the BTC/USD hourly chart shows the formation of a major bullish trend line with support close to $8300. Therefore, declines in the price towards $8400 and $8300 could perchance secure remarkable bids.

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.