Bitcoin Price Analysis: BTC/USD Smashes Past The $9,000 Hurdle, How Nigh Is $10,000? – Coingape


  • Bitcoin jumps above $9,000, scattering the last of the bearish camps.
  • Technical levels have aligned for the rally to $10,000 but Bitcoin must break the resistance at $9,200.

Bitcoin has reclaimed the support above $9,000 after smashing through the resistances I highlighted yesterday at $8,700, and $8,800. It is clear that Bitcoin bulls intend to finish the month of January not only in the positive but also with a bang.

At the time of writing, BTC/USD is teetering at $9,081 following an impressive 2% growth in value on the day. The prevailing strong bullish trend is driving off the last of the bears in the preparation for the next bull-run to $10,000.

A broader look at the cryptocurrency market on a daily basis, it is apparent that Bitcoin’s jump above $9,000 continues to bullishly impact the market. Other cryptocurrencies performing exceptionally well on Tuesday (at the beginning of the European session) include Litecoin which is trading 3.37% higher, EOS and its 2% rise on the day and Bitcoin Cash with its 1.64% rise in value.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The breakout that emanates from the pennant pattern on Sunday is still largely the driving force for the gains (based on the technical picture). The Relative Strength Index (RSI) return into the overbought region (above 70) suggests that it’s the bulls’ turn. Similarly, the Elliot Wave Oscillator’s continuous bullish session since Sunday cements the buyers’ position in the market. Therefore, I expect Bitcoin to continue with the rally above $9,100 and if the resistance at $9,200 is broken, BTC could eventually forge a pathway to $10,000.

Bitcoin Key Levels

Spot rate: $9,081

Relative change: $185

Percentage change: 2%

Trend: Bullish

Volatility: High

Support: $8,800, $8,400 and $8,200

Resistance: $9,100 and $9,200

Summary

Bitcoin Price Analysis: BTC/USD Smashes Past The $9,000 Hurdle, How Nigh Is $10,000?

Article Name

Bitcoin Price Analysis: BTC/USD Smashes Past The $9,000 Hurdle, How Nigh Is $10,000?

Description

Bitcoin jumps above $9,000, scattering the last of the bearish camps.
Technical levels have aligned for the rally to $10,000 but Bitcoin must break the resistance at $9,200.

Author

John Isige

Publisher Name

Coingape

Publisher Logo

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



Share on Facebook



Share on Twitter



Share on Linkedin



Share on Telegram



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here