Bitcoin has become impulsive and non-volatile after bouncing from $32,500 to $33,200 support level. Bitcoin surged over $36,600 psychological resistance level. Bulls to continue the bullish bias further in the process? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
January 14, 2020, | AtoZ Markets – Bitcoin rose today morning during the Asian session against the U.S. Dollar. However, Bitcoin is creating history, and individuals wherever need to be apart of it. The BTC has pulled in a wide range of investors, ranging from retail investors to organisations, and now even companies. Bitcoin can possibly change the world, and given its restricted inventory, speculators are scrambling for a slice of the action before one whole coin because far too costly it is thoroughly too far for most.
Moreover, Bitcoin is currently trading around $37,400 area and trying to recover higher. After breaking above $32,500 to $33,200 area, the bulls pushed the price upward impulsively and hit an all-time high of $42,000 level. As per the current price action, BTC may retrace downside before sustaining the bullish trend further in the coming days.
Bitcoin Surged Over as It Attracting a Huge Amount of Investors
Bitcoin is currently trading around $37,400 area and trying to retrace downside. Furthermore, the price also broke above the dynamic level of 20 EMA on the intraday chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin surged over and currently trading around $37,400 area. As per the current price action, if the price retraces towards $36,600 to $36,200 area and bounced upside with an impulsive bullish candle, the bulls may recover higher towards $41,500 to $42,000 key area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. It may push the price upward as strong support in the process. Also, the MACD lines are currently residing near the 0.00 level and had a bullish crossover. It indicates that bulls may sustain the bullish pressure further in the coming days.
BTC May Continue the Bullish Trend
According to the daily chart, Bitcoin surged over as bulls are optimistic. As per the current scenario, if the price can have a bullish close above the last daily candle’s high, the bulls may push the price upward towards $41,500 to $42,000 area as a first target. The second target will be $44,600 to $45,000 area if the price can break above $41,500 to $42,000 area in the process. On the contrary, if the price pushes upside and rejects $41,500 to $42,000 area with an impulsive bearish candle close, the bears may regain momentum and decline towards $33,200 to $32,500 area again in the coming days.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as a strong support to push the price upside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands upper band is currently residing above the price, which may act as strong resistance on the days ahead.
To conclude, after retracing towards $33,200 to $32,500 support level, Bitcoin had a daily impulsive bullish candle close. It indicates that BTC may sustain the bullish trend further in the coming days.