- Bitcoin, at the time of writing this analysis, was trading at $9,092.86 on Bitstamp
- Impressively, BTC holds a Bull Run projecting trend in the near-term as it hits above 50.0% Fib retracement area and trades above $9,000 for the second time before this month ends
- Although, the coin is yet to hit above the previously formed resistance at $9,100 yet marks a fresh weekly high
- BTC price retains support from the daily moving averages as it takes bullish turns and rebounds above $9,000
- The semi-circular trend forming is yet to hit an ultimate goal which lies above $10,000
Bitcoin price is foreseen to be bullish to a major extent, as we are finely aware of the upcoming BTC halving. We have rightly analyzed different trends over the period of time and the end result to all these analyses has been a near-term Bull Run subjected to volatility. Confirming the same, as penned down yesterday, we cannot really ignore the bullish weekly close until the halving as ‘’Scarcity Increases Price.”
BREAKING: The US Dollar loses 5% of its value within the day against bitcoin and still continues to fall.
Seems like a pretty volatile asset if you ask me…
— Rhythm (@Rhythmtrader) January 28, 2020
Putting the above words in favor of the king, Bitcoin is showing incredible growth since the start of this year. The most famous pair BTC/USD is seen appreciating and which means that the coin is pumped up with growth momentum.
Bitcoin Price Analysis:
Having said that, we rightly analyze the daily movement of Bitcoin over the past 6 months. The semicircular trend that is seemed to be growing is yet to show its total potential, which awaits at $10,000. The despairing trade in the latter half of the bygone year has been quite a nightmare for BTC whales but, ‘’Better Late Than Never,’’ the signs are in favor of the upcoming rally before the halving. The coin is rightly above 50.0% Fib Retracement area and retains support from the 10-day, 50-day, and 200-day daily moving average.
Confirming the same with the other technical indicators assigned, the 20-day Bollinger Bands withhold a moderate distance, and therefore, we do not predict any harsh volatility in the upcoming days, as per Bitcoin forecast.
The MACD of Bitcoin was holding a slight bearish crossover before the coin had hit above $9,000, and now, we see the upcoming bullish divergence as the MACD line is likely to cut the signal line as they move adjacent.
The RSI of the coin is at 66.55 and is also seen heading towards hitting the overbought region as BTC gains pace.