Bitcoin Price Analysis: This Is The First Major Test Of 2020 In The Road To $10,000 BTC

Over the past two days, we saw Bitcoin reaching the $9000 zone, quickly getting rejected, and now Bitcoin is once again a touch away from 2020 high.

Two bullish signs to keep an eye on is the fact that Bitcoin corrected accurately into the 38.2% Fibonacci retracement level – which is considered a healthy correction of a rising trend. The second fact is the fact that the coin is forming an ascending channel (marked on the following 4-hour chart).

On the other hand, this channel can easily breakdown, and things can change quickly.

The $9000 resistance area contains the significant 200-days moving average line, currently hovering around $9050 (marked by a green line on the following daily chart). By no doubt, this is the first significant test of the new decade.

By many analysts, a must-have condition for a bull market is the asset being traded above that line. Bitcoin will have to show strength and decide soon how it interacts with the primary resistance line.

If we put aside the false breakout during November, when we saw the substantial daily 42% surge, the last time Bitcoin was trading above the MA-200 took place during late September 2019. Read More...

First Major Test Of 2020
Bitcoin Price Analysis