Disclaimer: This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the Internet.
Following up on the previous analysis on 19 Jan 2020, Bitcoin has pushed higher into the psychological resistance of 10,000 USD. BTC remains bullish and keeps grinding upwards which is a sign of more sustainable price action and lesser possibility of any surprise market move. Currently hovering around 9,900 USD, BTC keeps flirting with 10,000 USD and seems keen to take on this level soon.
Following the analysis on 19 Jan 2020, BTC closed above many resistances on multiple timeframes. All major timeframes such as monthly, weekly, and daily remain bullish. Many other Altcoins are printing double-digit gains and looking promising.
Let’s dive into Bitcoin outlooks in different timeframes.
Monthly:
The monthly candle for Jan 2020 closed a strong bullish engulfing. The price reclaimed 8MA last month after it closed below it in Nov 2019. Bitcoin faces strong overhead resistance at 10,800 USD followed by 13,800 USD on monthly TF. The test of these resistances depends on if BTC remains above 9,600 USD in Feb 2020.
Weekly:
On the weekly, BTC is above all major MAs now. It has closed above 21MA in the week ending 20 Jan 2020, retested it as a support in the following week, and keeps pushing higher ever since. On the upside, some of the major resistance levels are 10,700 USD, 11,500 USD, and 13,900 USD respectively. Tomorrow is the weekly close and price should close above 9,500 USD to remain bullish enough to test the highlighted potential selling pressure lines on the weekly chart.
Daily:
BTC is above all the major MAs on daily TF too. In the time of writing the last analysis on 19 Jan 2020, it was struggling to close above the 200MA (purple line in the chart). It finally closed above it on 28 Jan 2020 and keeps pushing higher afterward. The 200MA line was the only major MA acting as a strong resistance on the daily TF. Other potential overhead resistances are highlighted with the red lines in the chart.
Conclusion:
Bitcoin seems poised to take over 10,000 USD. However, it needs to sustain above 10K for the break to be valid and sustainable. This week’s above the psychological number of 10,000 USD and maintaining the break for another week could be huge for further gains for Bitcoin.
Disclaimer: This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the Internet.
