Bitcoin (BTC) News:
Bitcoin is currently trading true to its position as it takes a bullish leap at $9,263.64 on Coinbase. The price trend of Bitcoin against the US Dollar is showing an upward channel since the start of the year. The ongoing month has turned out to be dramatically awesome for the intraday investors in Bitcoin. The current trading price is supported by all the imminent moving averages. All the technical indicators appear bullish as the coin has even hit above $9,400 in the past 24 hours.
Bitcoin’s pleasant uptrend has infused growth in the global crypto market. The sentiments have turned out to be positive as BTC loyalists and lovers consider this to be an end to the bullish bias.
The downward Channel is Officially Pulverized! 🔥💥🔥
The downward Channel is Officially Pulverized! At this point, the breakout is clear. The 200 DMA is in the dust. Get your rockets & lambos ready bois, we goin to da moon. 🚀🏎️🌛 pic.twitter.com/rDZVPjsKg9
— Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) January 29, 2020
Having said that, we cannot ignore the uptrend forming and the BTC halving that is just a few months away.
Bitcoin Price Analysis:
Taking a glance at the 30-day movement of the coin on a 4-hourly chart, we see that the coin has been aided with growth until it experiences a volatile breakdown. All the points attached to daily analysis predict a super bullish near-term as Bitcoin price retains support from 10-day, 50-day and 200-day daily averages. However, the 20-day Bollinger Bands laid are seen having a wide distance foreseeing volatility which can readily lead to a steep rise as well as all the factors remain in favor though.
The other indicators laid also confirm the bullish crossover as the intraday movement has been quite impressive. The MACD of BTC is above zero as it mounts and overrides the signal line or the bearish divergence of the coin.
The RSI of the coin is also acing in the overbought region at 68.99 as Bitcoin hits fresh 30-day high and nears to give a fresh 90-day high as well readily.