The price of the leading cryptocurrency finally broke above the $9,400 mark. Bitcoin’s price hits through the key resistance level earlier today. Is it a good time to buy Bitcoin during bullish breakout?
29 January, 2020 | AtoZ Markets – The first month of 2020 has been quite decent for Bitcoin bulls as they managed to push through the price of Bitcoin above the $9,400 mark. The price reached a daily high of $9,425 mark before retracing back to $9,300 level. Few indicators suggest that Bitcoin price might break below from this level.
Will Bitcoin Price Stay Bullish after Breaking $9,400 mark?
According to Yesterday’s chart, Bitcoin price saw a strong surge above the $9,000 resistance. Bitcoin price did continue higher above the $9,200 resistance level and a connecting bearish trend line on the hourly chart. Finally, BTCUSD tested the $9,400 area. A new 2020 high is formed near $9,425 mark and the price of Bitcoin is currently consolidating gains.
As per charts, it is testing the 23.6% Fibonacci retracement level of the recent rally from the $8,870 low to $9,425 high. On the upside, an initial resistance is placed near the $9,400 mark. However, the main resistance is near the $9,500 mark, where Bitcoin bulls need to be very careful. If there is a strong rejection near $9,500, the price of Bitcoin might start a substantial downside correction. The first key support on the downside is near the $9,150 mark.
Besides, the 50% Fibonacci retracement level of the recent rally from the $8,874 low to $9,426 high is near $9,150. More importantly, yesterday’s major bullish trend line is still active with support near $9,040 on the hourly chart of the BTCUSD pair.
Therefore, a downside break below $9,000 might lead the price to move towards the $8,800 support area or the 100 hourly SMA.
If Bitcoin price surges above $9,500 mark then the bears might fail to hold $9,500. In the mentioned case, the price of the coin is likely to surge towards the $10k handle. Any further upward momentum may open the doors for a larger upward move towards the $11,500 and $12,000 levels in the upcoming days.
Bitcoin Daily Pivot Point
Bitcoin price has strong support near $9,065 mark and resistance near $ 9,560 levels.
What’s your Bitcoin price target after Bitcoin surged above $9,400 mark? Let us know in the comment section below.