RATE Group | Bitcoin Just Saw A Key Technical Breakout: Big Reaction From Bulls Imminent
76610
post-template-default,single,single-post,postid-76610,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Just Saw A Key Technical Breakout: Big Reaction From Bulls Imminent

22 Jan Bitcoin Just Saw A Key Technical Breakout: Big Reaction From Bulls Imminent

Posted at 06:04h in Bitcoin News by

[ad_1]

Bitcoin reversed after a sharp dip towards the $8,400 support area against the US Dollar. BTC price is now signaling more upsides above $8,800 and $9,000 in the coming sessions.

  • Bitcoin price bounced sharply and formed a bullish engulfing pattern above $8,550 against the US Dollar.
  • The bulls are likely to take control once the price surpasses the $8,800 resistance area.
  • There was a break above a key declining channel with resistance near $8,665 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might dip a few points, but a break above the $8,800 resistance area is very likely.

Bitcoin Forming Bullish Candlestick Pattern

Recently, there was a sharp dip in bitcoin from the $8,750 area against the US Dollar. BTC price spiked below a couple of important supports, but it bounced back above $8,500.

As a result, there was a strong bullish engulfing pattern formed on the hourly chart and the price settled above the $8,500 support area. The recent increase was technically…

[ad_2]

Source link

Tags:
, , , , , , ,