Bitcoin Impulsive Bullish trend reaches $9000 since the price retested Channel resistance as Support. The price may reach $10000 sooner. Let’s check Bitcoin Technical Analysis for more levels and insights.
January 28, 2020 | AtoZMarkets.com – Bitcoin has been impulsive and non-volatile with the recent Bullish pressure which lead the price towards $9000 area again. After the bounce from the Channel resistance as support, the price has managed to sustain the strong Bullish Momentum.
Bitcoin rising above $9000 recently lead the price to gain 4% by today. The upward move also helped the Market Cap to move up to $162.5 Billions. Since last 7 days, Bitcoin has been impressive with the Bullish run with not much of deep pullbacks along the way. Though Bitcoin is still down by 54.68% from BTC’s highest peak price in 2017, but it may soon regain.
The latest Bullish momentum has already convinced many traders and investors that the market can see more gains. As the price is still non-volatile and found confluence of the dynamic levels, it may reach $10000 area in no time. Currently, big crypto whale traders are convinced about Bitcoin breaking above $10000 and reaching $12500 again in coming days.
Bitcoin Impulsive Bullish Trend can surpass $10,000?
Bitcoin is currently the most attractive Crypto currency to the investors and traders since Bitcoin made the Bullish run from $8200. The price is currently breaching above $9000 area with confluence from the dynamic level 20 EMA, Tenkan and Kijun line in the intraday chart.
image: Bitcoin 1 Hour Chart
According to 1 Hour chart, the price is currently pushing higher with impulsive bullish pressure. Moreover, it has found confluence of 20 EMA as well. As the price bounced off the $8200 area, it managed to break above the Kumo Cloud resistance. As a result, Bitcoin impulsive Bullish trend may sustain further along the way.
Recently MACD lines above 0.00 area had a Bearish Cross but Bulls having strong momentum can oversee it. The price is residing between Tenkan and Kijun line while being held by 20 EMA as support. So, there are a protective dynamic channel around the price to support further gains in the process.
Resistance at $9500 may pause the Bullish Run
Current Bullish trend is still quite strong to surpass any strong resistance area but $9500 may pause the Bullish Run. After the bounce from the Channel resistance as support, $9500 has been taken as strong resistance.
image: Bitcoin Daily Chart
The price is heading higher after the recent Bullish momentum. According to Daily Chart, the price may find strong resistance at $9500 price area. As currently price is breaking above $9000 area with confluence in the intraday chart, $9500 area may pause the Bullish run for a while.
In the coming days, if the price manages to break above $9500 area then surpassing $10000 will be easier for Bulls. But in case, if the price rejects off the $9500 area then certain Bearish intervention may lead to certain correction and volatility.
To conclude, Bitcoin is currently heading higher surpassing $9000 area. On the contrary, price area $9500 can act as strong resistance along the way towards $10000. Bitcoin Impulsive Bullish Trend may continue higher, if $9500 is broken above with a daily close.