19:54Bitcoin prepares for the ultimate upswing to $20,000; here is what to watch out for
Bitcoin Cash has sustained the uptrend, breaking multiple supply zones within an ascending parallel channel.
The flagship cryptocurrency is trading at $17,977 amid a relentless push from the bullish camp to sustain the uptrend. BTC embraced support at the ascending parallel channel’s middle boundary during the recent retreat from the new yearly highs.
This area’s support has made it possible for buyers to increase their position in anticipation that the bellwether cryptocurrency will soon resume hitting its all-time high.
BTC/USD daily chart
It is worth noting that Bitcoin must close the day above the channel’s middle boundary to avert losses and retain the focus on overcoming the hurdles at $18,000 and $18,500, respectively. The up-trending 50 Simple Moving Average (SMA) beneath the price is a crucial bullish indicator that the least resistance path is upwards.
On the other hand, sliding under the channel’s middle boundary could trigger immense selling pressure mainly due to panic among investors and the rush to cash out their profits before the price dives.
Besides the ascending channel’s lower limit support, Bitcoin’s contact points on the downside would be the 50 SMA in the 4-hour timeframe, the buyer congestion at the 100 SMA, the demand at $15,000, and the 200 SMA, currently at $14,431.
Bitcoin Intraday Levels
Spot rate: $17,951
Percentage change: 0.75%
Relative change: 134
|Total comments: 0|
|Bitcoin falls 11% after report suggests a critical flaw in the cryptocurrency called 'double spend' may have occurred (0)|
|JPMorgan Names Three Reasons Why Bitcoin Is Good Fit for Your Portfolio (0)|
|Bitcoin News Roundup for Jan. 21, 2021 — [Markets Daily Crypto Roundup, EP. 300] (0)|
|Bitcoin Bears Back in Control; Is $20,000 BTC Really a Possibility? (0)|
|Why Everyone From Square to Facebook Is Now Hosting the Bitcoin White Paper (0)|
|Bitcoin falls more than 10 percent on fears of US crackdown (0)|
|Craig Wright ultimatum: Take ‘my’ Bitcoin whitepaper down or face lawsuit (0)|
|How To Play The Bitcoin Surge Without Taking Too Much Risk (0)|
|Bitcoin becoming a cyclical asset, not a hedge, according to JPMorgan strategists. (0)|
|Going long: 270K Bitcoin moved into storage in a month (0)|