RATE Group | Bitcoin Hits $9,400 In Vertical Rally, But It’s At Risk of A Violent Pullback For This K…
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Bitcoin Hits $9,400 In Vertical Rally, But It’s At Risk of A Violent Pullback For This K…

29 Jan Bitcoin Hits $9,400 In Vertical Rally, But It’s At Risk of A Violent Pullback For This K…

Posted at 06:31h in Bitcoin News by

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Bitcoin extended its rally above the $9,200 resistance against the US Dollar. BTC tagged the $9,400 area and now it could correct lower towards $8,800 or $8,500.

  • Bitcoin price is approaching a couple of key resistances near $9,500 against the US Dollar.
  • There could be a short term downside correction from $9,400 or $9,500 in the coming sessions.
  • Yesterday’s major bullish trend line is still active with support near $9,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Ethereum is lagging, but it could rally if there is a clear break above the $180 resistance.

Bitcoin Price Approaching Key Resistance

Yesterday, we saw a strong rise in bitcoin above the $9,000 resistance. We even discussed the chances of more upsides towards $9,500, considering a successful close above the $9,000 level and the 100 hourly simple moving average.

BTC price did continue higher above the $9,200 resistance and a connecting bearish trend line on the hourly chart. Finally, the price tested the…

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