Bitcoin will jump 40% up to $ 11,500 if holds $ 8,600 in the next few days
Early today, Bitcoin has plunged, collapsing from the daily high above $ 8,700 to $ 8,454 at the press time. This was the lowest price since the week before BTC failed to sustain the upward momentum, bringing the price to $ 9,200.
With this latest plunge, investors have begun to fear that the rally that brought BTC from $ 6,400 to $ 9,200 has ended. But did it really end?
What is for Bitcoin?
Recently, BTC price has tested the critical resistance of $ 8,800, but could not continue higher. A high was formed near $ 8,800 and prices began to fall. It trades below $ 8,700 and $ 8,650. In addition, there was a break below the Fib 23.6% retracement of the rally from a low of $ 8,335 to $ 8,800.
The bitcoin price has even slipped below the $ 8,640 level and the 100-hour simple moving average. There is also a major bearish trend line formed with resistance near $ 8,640 on the hourly chart of the BTC / USD pair.
Source: Trading View
Despite the recent decline, Bitcoin prices are still trading closely within the $ 250 range of $ 8,500 – $ 8,750.
Therefore, unless the new lows are established or the important short-time candles close below $ 8,500, it looks like the bulls are still in control.
$BTC – clear range of $8500 to $8750 right now on lower time frames
Currently not trading and watching for better setups
Will also take a look at altcoins with potential to outperform Bitcoin short term pic.twitter.com/HRJoMZNaDj
— Josh Rager ? (@Josh_Rager) January 21, 2020
Bulls believe the protest is not complete
Some top analysts are sure that BTC is getting higher again is only a matter of time when Bitcoin currently holds important prices.
Trader Filb Filb said he expects BTC to move to $ 9,555 in the coming days. Meanwhile, Dave the Wave thinks that BTC will reach $ 11,500 in mid-February.
Dave recently posted an analysis showing that BTC is in a near-vertical period of movement in a short-term parabolic uptrend. The parabolic uptrend that he described is happening but the price will need to hold $ 8,600 to continue the trend.
If the price can hold that level for the next few days, Bitcoin will continue to skyrocket above $ 10,000 in a move that will take it 40% leap from the current price of nearly $ 8,500 to $ 11,500.
Fractal still alive… pic.twitter.com/NoY5igvRCw
— dave the wave (@davthewave) January 21, 2020
Altcoins is preparing for a rally
The altcoin market has been bleeding for two consecutive years so far, after Bitcoin and other cryptocurrencies surfed the world like a storm in late 2017.
Cryptocurrencies were in a bubble – the bubble burst and caused the value of these emerging assets to drop by 99%.
Two years later, the market is still recovering from the losses, and although the market has rallied once again, investors are on the decline than ever before.
Over the past two years, the spark of an altcoin rally has sparked discussion around the return of the alt season, a period when altcoins outperformed Bitcoin.
But this time it is different, and even with many altcoins in the rallies of 40% or higher in the past 30 days, very few analysts or traders mention the “alt season”.
There may be a very valid explanation for this: market sentiment.
After two years of a downtrend, cryptocurrency investors have had the mental condition to expect the worst from the market. Each time the altcoin increases, it will be rejected by the bear and move on to the next support level. In 2019, the alt season has become a familiar term across the industry because this is a common occurrence.
Notice the similarities between the Wall St. Cheat sheet here as it looks like we’re leaving depression into a disbelief rally.
Macro we’re seeing a big double bottom with a bullish break in MS in between.
That volume ?
Hard not to be a bullish on alts. pic.twitter.com/rmL6ZxLZUm
— Crypto Rampage (@thrillmex) January 22, 2020
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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