On Jan. 18, Bitcoin (BTC) value lastly made a powerful push via the resistance degree at $9,000 and rallied to $9,194 earlier than pulling again barely. BTC value has reached its highest degree since early November, hitting $9K for the primary time in 2020. 

BTC USD daily chart

BTC USD day by day chart. Supply: TradingView

The upside transfer introduced the value above the primary trendline of the ascending triangle within the $9.1 to $9.2K zone (highlighted pink) to set a day by day greater excessive and open the door for additional good points to $9,600.

Cryptocurrency market weekly overview

Cryptocurrency market weekly overview. Supply: Coin360

Merchants observing the 4-hour timeframe will discover that the value pulled proper beneath the ascending triangle arm and this level may operate as an space of resistance. 

BTC USD 4-hour chart

BTC USD 4-hour chart. Supply: TradingView

Bitcoin’s earlier value motion from Oct. 26 to Nov. 8, 2019, means that bulls might want to flip $9.1K from resistance to help with a view to see a continuation to $9.2 to $9.5K. 

On Jan. 18, Cointelegraph contributor Michaël van de Poppe advised that if Bitcoin value pushed above $9,000, “ The subsequent resistance ranges [to target] are $9,400 and $10,000.”

Van de Poppe additionally cautioned that “Bitcoin began to rally since $6,400, so the upwards continuation can be stopped in some unspecified time in the future to consolidate.”

Within the day by day timeframe, Bitcoin value motion stays bullish with the relative power index (RSI) and transferring common convergence divergence (MACD) each nonetheless in bullish zones. 

BTC USD MACD, RSI and Stoch day by day chart. Supply: TradingView

As proven on the day by day chart, $9,132 has lengthy been a help for Bitcoin value and if bulls can flip this level to help then merchants will eye $9,600, $9,960 as the following targets. 

BTC USD daily chart

BTC USD day by day chart. Supply: TradingView

The worth can be bullish on the shorter timeframes because the MACD crossing above the sign line and the histogram flipping inexperienced above 0. 

BTC USD MACD, RSI and Stoch 4-hour chart

BTC USD MACD, RSI and Stoch 4-hour chart. Supply: TradingView

Over the quick time period, merchants ought to regulate buying and selling quantity and the following couple of candles on the 4-hour timeframe to see if the value can once more push above the ascending triangle trendline and thru the highlighted zone at $9.1 to $9.2K. 

Crypto Total Market Cap chart

Crypto Complete Market Cap chart. Supply: Coin360

The general cryptocurrency market cap now stands at slightly below $250 billion and Bitcoin’s dominance is 66.4%. Notable gainers among the many top-10 altcoins have been Ether (ETH) with a 4.70% achieve, XRP at 5.94% and Stellar (XLM) with 7.05%.

Preserve observe of prime crypto markets in actual time right here



Read the original article here