Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears


Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.

 

The upside is now showing potential of the beginning of a macro bull run. Nevertheless, there are still resistances to over-come before confirmation on technical charts.

The daily high on spot exchanges is $8677. The price of Bitcoin [BTC] at 3: 15 hours UTC on 27th January is $8619.

Critical Resistances

According to leading analysts, $8650 marks an important area for bullish continuation. Derivatives and crypto trader, TraderXO, tweeted,

Coming into resistance at the weekly mid range of 88s Im currently short from 8640’s – 1/3rd size filled… further asks higher up Targeting low 82s – 8150’s Clear invalidation level for me is closing above the weekly mid

weekly chart price analysis
Bitcoin Weekly Chart PA (Source: Twitter)

Not only TraderXO, but also other prominent traders like George and SalsaTekila are in anticipation of resistance at $8650. George tweeted,

…If we don’t reject around 8650 and close the day strong, I’ll close shorts and flip bull. Let’s see.

Moreover, the 200-Day Moving Average at $8915 continues to act as last big hurdles for the bulls.

btcusd
BTC/USD 1-Day Chart on Bitstamp (TradingView)

Furthermore, while the resistance levels are intact, the price also moved above the long-term bear channel once again weakening the bearish sentiments.

CME Gap Update

Bitcoin [BTC] price records yet another CME gap, nevertheless, this time-around it is a bearish one. The futures contract prices opens with a $100 gap at $8595 yesterday.

btcusd futures
BTC/USD Futures 1-Day Chart on CME (TradingView)

Moreover, similar to spot, the 200-Day Moving average seems to be acting as the critical region of support and resistance at the moment. The price has witnessed a bullish and bearish deviation, and is again attempting to make a run for it.

The weekly close in the price was above $8500 at $8590. The prices look strong at above the 50-period moving average at $8000.

Do you think the bullish run will continue or is it another bull trap? Please share your analysis with us. 

Summary

Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears

Article Name

Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears

Description

Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450. 

Author

Nivesh Rustgi

Publisher Name

CoinGape

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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.



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