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On Jan. 18, Bitcoin (BTC) worth lastly made a robust push by way of the resistance stage at $9,000 and rallied to $9,194 earlier than pulling again barely. BTC worth has reached its highest stage since early November, hitting $9K for the primary time in 2020.
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 positive factors to $9,600.
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. Supply: TradingView
Bitcoin’s earlier worth motion from Oct. 26 to Nov. 8, 2019, means that bulls might want to flip $9.1K from resistance to help with a purpose to see a continuation to $9.2 to $9.5K.
On Jan. 18, Cointelegraph contributor Michaël van de Poppe steered that if Bitcoin worth 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 worth motion stays bullish with the relative power index (RSI) and shifting 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 worth and if bulls can flip this level to help then merchants will eye $9,600, $9,960 as the subsequent targets.
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. Supply: TradingView
Over the brief time period, merchants ought to keep watch over buying and selling quantity and the subsequent 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 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% acquire, XRP at 5.94% and Stellar (XLM) with 7.05%.
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