Bitcoin, rather crypto bulls seems to be active again as the market gains over $25 billion on Tuesday with a 12.12% rise. The bullish cue began with the rise in Bitcoin [BTC], however, alts soon took over with many logging meteoric gains. The dominance of BTC dropped by 3% yesterday.
Bitcoin [BTC] price broke above $8500 early on Tuesday as the bullish momentum continued to push the price to log a high around $8810. The price of BTC at 3: 00 hours UTC on 15th January 2020 is $8803.
Derivatives and crypto trader, Sawcruhteez, tweeted,
There’s significant resistance at $8,750 – $8,800 from the top of the bear channel & prior horizontals.
Sawcruhteez suggested a parallel range between $8100 and $8800 as the primary range for the next few days. Moreover, the volume profile of Bitcoin suggests that the current price needs to move above $9100 or back to $8200 range for larger volume.
The daily close yesterday is positive. Now, the traders will be looking at the weekly close to analyse their swing positions. If the local top is in, accumulation could begin. However, there is a possibility of break…
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Author: Nivesh Rustgi