CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$27,748.00
  • ethereum
    ETH$1,745.62
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » BTC » Bitcoin Price Analysis: Bitcoin Holds The Crucial Support Line, Preparing For a Huge Move This Week

    Bitcoin Price Analysis: Bitcoin Holds The Crucial Support Line, Preparing For a Huge Move This Week

    Author: Yuval Gov

    Last Updated Jan 26, 2020 @ 08:50

    After touching the significant 200-days moving average line at $9,060, Bitcoin quickly got rejected down to $8400. From there, the cryptocurrency had a three-day consolidation around $8600; however, after breaking it down, the bearish momentum had recorded $8200 as the weekly low.

    Coincidence? When looking at the following 4-hour chart, we can see that the past month’s price move is reflected on the marked ascending channel accurately, whereas the $8200 is the lower boundary of the channel.

    Bitcoin found support there, along with the 38.2% Fibonacci retracement level from the daily chart (~$8300). As of writing these lines, Bitcoin is slightly making its pace above, currently dealing with the support turned resistance level of $8400 – $8460 (as a reminder the last was the low of the past week, which was tested four times before got broken down).

    Keep in mind that it’s still the weekend, and it’s also the Chinese New Year. As we mentioned before, the holiday tends to be bearish for Bitcoin.

    With some caution, as mentioned here in the latest price analysis, the correction is so far healthy, as long as Bitcoin respects the marked ascending channel.

    Total Market Cap: $231.7 billion

    Bitcoin Market Cap: $153.2 billion

    BTC Dominance Index: 66.0%

    *Data by CoinGecko

    Key Levels To Watch & Next Targets

    – Support/Resistance levels: As mentioned above, Bitcoin is retesting the $8400 – $8450, but now as resistance.

    In case of a break-up, then the next target for Bitcoin is likely to be the $8600 price area, which also contains the 4-hour MA-50 (the pink white line). Further above lies $8800 and $8900, which includes the significant 200-days moving average line (marked by the light green line on the following daily chart).

    From below, the first level of support is the Fib level of $8300, along with the lower descending trend-line, which builds-up the ascending channel. Further down lies the weekly low at $8200, before reaching to the $8000 area, which contains the 100-days moving average line (white line).

    – The RSI Indicator: As mentioned here in our previous analysis, the momentum indicator found support above the 54-55 RSI level.

    A bullish sign might be coming on behalf of the Stochastic RSI oscillator. The last is about to go through a cross-over at the oversold territory.

    – Trading volume: The volume is relatively low over the past days, this can be explained by the Chinese Holidays.

    BTC/USD BitStamp 4-Hour Chart

    btc_jan26_4h-min

    BTC/USD BitStamp 1-Day Chart

    btc_jan26_d-min

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Yuval Gov
    More posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

  • bitcoin
    BTC$27,748.00
  • ethereum
    ETH$1,745.62
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    How to Keep Your Crypto Safe, MetaMask Future Plans, and Digital Identities: Talking Wallets With PM Alex Jupiter

    How to Keep Your Crypto Safe, MetaMask Future Plans, and Digital Identities: Talking Wallets With PM Alex Jupiter

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!