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$26,578.00
  • ethereum
    ETH$1,850.84
    • 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 » Following Huge $1200 Gains In 3 Days, Can Bitcoin Finally Reach $10,000? (BTC Price Analysis & Overview)

    Following Huge $1200 Gains In 3 Days, Can Bitcoin Finally Reach $10,000? (BTC Price Analysis & Overview)

    Author: Yuval Gov

    Last Updated Jan 29, 2020 @ 06:46

    Over the past days, following a decent start to the new decade, we had seen Bitcoin correcting nicely and healthily into the 38.2% Fibonacci level at $8300.

    Immediately after that, Bitcoin fired its engines and in just three consecutive days, the primary cryptocurrency had gained over $1200 (!), which is more than 15% to its value.

    Surprisingly, the altcoins are not crashing. Thus, we can conclude that new money is getting into the market and not changing hands, from Altcoins to Bitcoin and vice versa.

    Why Bitcoin Is Rising?

    This time, the trigger could be the panic surrounding the elaborating Chinese financial crisis following the spreading Coronavirus.

    Looking at the charts, we can see that Bitcoin price had reached the $9400 resistance line accurately a few hours ago, and since then, we are seeing the price consolidating around it.

    As of now, Bitcoin leaves behind the significant 200-days moving average line (currently around $8900), and it looks like this rally can quickly become the first parabolic race of 2020 – if it’s not already. However, always keep in mind that violent moves are meant to both directions, hence, if a correction comes it could be violent.

    The crypto community is excited these days; however, the mass-media and the majority are not yet here, which in someplace is a positive sign for Bitcoin. Maybe this will happen once Bitcoin price crosses $10,000? Who knows.

    Total Market Cap: $257 billion

    Bitcoin Market Cap: $170 billion

    BTC Dominance Index: 66.2%

    *Data by CoinGecko

    Key Levels To Watch & Next Targets

    – Support/Resistance levels: After breaking above the $9000 mark a few hours ago, Bitcoin quickly elevated till the next mentioned resistance at $9400. The last is currently the first major level of resistance.

    In case of a Bullish breakout, we can expect Bitcoin to visit the good-old resistance from the daily chart at $9550, before the top boundary of our marked ascending price channel on the following 4-hour chart (roughly around $9700 as of writing these lines). The $9700 – $9800 is considered a strong demand line. Further above lies $10,000 and $10,300.

    In the likely event of a correction, then the recent high of $9200, can serve as the first level of support, together with the middle ascending trend-line on the 4-hour chart. Below lies $8900 – $9000, along with the 200-days MA line. Further below is $8650.

    – The RSI Indicator: At this point, there is a little bearish divergence developing on the RSI. The indicator is encountering a significant ascending trend-line resistance. To go higher, the RSI will need to get over the 71-72 levels.

    As we mentioned here two days ago, the Stochastic RSI oscillator did predict this bullish move of the past two days. In respect to the bulls, there is still room to go higher, looking on the oscillator.

    – Trading volume: The volume is also supporting the rising trend. Over the past days, we are seeing an increasing amount of volume from day to day; the price rally is real.

    BTC/USD BitStamp 4-Hour Chart

    btc_jan29_4h_updated-min

    BTC/USD BitStamp 1-Day Chart

    btc_jan29_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 CRYPTOPOTATO50 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$26,578.00
  • ethereum
    ETH$1,850.84
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is a Meme Coin? The Biggest Meme Coins You Must Know About

    What is a Meme Coin? The Biggest Meme Coins You Must Know About

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    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!