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Bitcoin Price (BTC) Holding Key Uptrend Support, Bounce Incoming?

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Bitcoin Price (BTC) Holding Key Uptrend Support, Bounce Incoming?
By Aayush J- January 31, 2020
Bitcoin Price Analysis
Bitcoin price traded to a new 2020 high at $9,569 before starting a downside correction. BTC to USD is now trading near a major support at $9,170, where the bulls are likely to take a stand.

Key Takeaways: BTC/USD
Bitcoin price is currently correcting lower from well above the $9,550 level against the US Dollar.
BTC/USD traded below the $9,400 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
Ethereum is also correcting lower and it could test the $178.00 support area in the near term.
Bitcoin Price Analysis
Recently, bitcoin price climbed further higher above the $9,200 and $9,420 levels. BTC to USD even spiked above the $9,500 and $9,520 levels before setting a new yearly high at $9,569.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin failed to continue higher and started a downside correction below the $9,500 and $9,480 levels. Furthermore, there was a break below the 23.6% Fib retracement level of the upward move from $8,865 to $9,569.

More importantly, the price traded below the $9,400 support and a bullish trend line on the 2-hours chart. It opened the doors for more losses and the price tested the $9,220 support level.

It seems like there is a strong support forming near $9,215 and 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the upward move from $8,865 to $9,569 is also near the $9,217 level.

Any further losses below $9,215 and $9,200 might spark a strong decline in the coming sessions. An immediate support is near the $9,030 level since it is the 76.4% Fib retracement level of the upward move from $8,865 to $9,569.

The next major support for the bulls is near the $8,940 level, below which the price could tumble towards $8,500. Conversely, bitcoin price is likely to stay above $9,215 and 50 simple moving average (2-hours, purple).

As long as the price is above the $9,215 and $9,175 levels, there are chances of a fresh bounce in the coming sessions. On the upside, hurdles are seen near the $9,400 and $9,560 levels.

Live Bitcoin (BTC) Price:
1 BTC/USD =$9,302.64 change ~ -2.64%
Coin Market Cap

$169 Billion
24 Hour Volume

$5.94 Billion
24 Hour VWAP

$9.37 K
24 Hour Change

$ -251.8300
Index
Coinsbit
P2PB2B
bitasset
Coinbase
lmax

 
1D
1W
1M
3M
1Y
ALL
Value
$
9,268.71
Jan
Jan 13
Jan 20
Jan 27
6,500
7,000
7,500
8,000
8,500
9,000
9,500
Volume
$
87,329,052.65
Jan
Jan 13
Jan 20
Jan 27
0
100,000,000
200,000,000
300,000,000
Jan
Jan 13
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Jan 27
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Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

 
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