Bitcoin price is trading nicely above key uptrend supports and is likely to accelerate above $9,000 as long as it is above the $8,460 support.
On January 21, the price of Bitcoin (BTC) was trading in a bullish trend zone. For the past three days, BTC bulls trading above the $8,000 and $8,500 resistance level. Moreover, Bitcoin price surged beyond the $9,000 level and formed a new 2020 high at $9,195.
However, there was recently a downside correction below the $9,000 level. In fact, Bitcoin price even traded below the $8,850 support area. Nevertheless, the decline was protected by the $8,500 and $8,460 support levels. At the time of writing, however, Bitcoin price is trading above the $8,600 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of BTCUSD is in a bullish trend. Moreover, the pair is clearly trading above key uptrend supports near $8,560 and $8,460. As long as there is no decline below $8,460, the price of BTCUSD is likely to rise steadily above $9,000 and $9,050.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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