Risk of Bitcoin Price Bounce Increases

News / 21.01.2020

At the moment, BTC/USD is into consolidation over the major support at $8,500. The price of BTC may put up another following an upsurge over the barrier at $8,800.

Yesterday, the price was able to break beneath the $8,800 support zone. Further, it closed beneath $8,800 and the 100 hourly SMA. It eventually visited the major support at $8,500 and, in recent times, started to recover a bit.

Notably, it visited the support zone at $8,500 many times, but the sellers could not secure traction. A look at the upside on the chart of the pair reveals the formation of some major barriers close to $8,760 and $8,800.

Likewise, there is the formation of a major contracting triangle with a barrier close to $8,720 on the same chart.

Hence, if the price surges over the barrier at$8,800it may initiate rally. If a rally ensues, the price could move over $9,000 and $9,100 in the near term. Any additional upside move may take the price to $9,300.

An important level for BTC buyers is at $8,500 support zone. The failure of the price to remain over supports at $8,500 and $8,470 may lead to a fresh decline.

If the price stays beneath $8,470 level, there could be an extension of declines to $8,200 or $8,000. The major support is close to $8,000, where the buyers could come in.

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.