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Crypto Technicals: BTC/USD extends break above 200-DMA, $10,000 level in sight

Tue, 28 Jan 2020, 04:25 am UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

Overbought/ Oversold Index: Neutral

Volatility: Rising

Support: 8904 (200-DMA); Resistance: 8904 (200-DMA)

BTC/USD has broken major resistance at 200-DMA at 8904, bias is strongly bullish.

The pair was trading 2.45% higher at 9113 at around 04:10 GMT, after closing 3.50% higher in the previous session.

Technical indicators are biased higher. MACD is on verge of bullish crossover on signal line. Positive DMI dominance and rising ADX support uptrend.

The hourly charts have confirmed a 'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) adding upside support.

Major and minor trend are bullish as evidenced by the GMMA and rising volatility with oscillators at neutral can see further gains.

Immediate hurdle lies at 38.2% Fib at 9271 ahead of upper Bollinger band (weekly) at 9905. Gains upto 10K likely.

Failure to hold above 200-DMA will see dip till 21-EMA (8456). Breach at 21-EMA support to see near-term weakness.

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  • Bitcoin (BTC) $10,926.40 (+1.26%)
  • Ethereum (ETH) $358.73 (-0.24%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $228.96 (+2.69%)
  • Binance Coin (BNB) $26.48 (-0.15%)
  • Bitcoin (BTC) $10,926.40 (+1.26%)
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