Bitcoin Turning More Bullish After Hitting Every Resistance Level | Now Gonna Hit $9586 Resistance
Bitcoin Turning More Bullish After Hitting Every Resistance Level | Now Gonna Hit $9586 Resistance

By moon333 | moon333 | 18 Jan 2020

In my previous article we have seen that after hitting the highest price of 2019 at $13880 the price action has formed a down channel.

And I was expecting that this time the price action may have a breakout from the resistance of this channel and now finally Bitcoin has broken out the resistance of this channel:



On week chart the moving average convergence divergence (MACD) is still turning bullish so far it is turned weak bearish from strong bearish and soon we can see a strong bullish signal by MACD.

Stochastic has already given us the bull cross from the oversold zone and Chop zone is also turned weak bullish from weak bearish:



On day chart the simple moving averages with time period of 25, 50, 100 and 200 are likely to form an alligators's opened mouth soon which will produce a very powerful bullish divergence like it happened in May 2019.




Now the price action may attempt to hit the next resistance at $9586 which is in my point of view is not a strong resistance but one this resistance will be broken out then we have a very strong resistance at $12325 and breaking out from this resistance level can lead the price action of BTC to hit the final and key level resistance at $17324 and in case of breaking out from this resistance level we can see a highest price in the history of Bitcoin.



What should be stop loss?

If the price action won't be able to breakout the resistance at $9586 level then it can retest the resistance of previous channel as support but for me I will use the previous recent support inside channel at $7772 as my stop loss.



Atif Akbar (moon333)



Hi, My name is Atif Akbar and I share my charts about different assets as username moon333, you can find me most of the times among top authors on tradingview


Hi my name is Atif Akbar and I am one of the top 3 authors of cryptocurrency trading charts as per tradingveiw I publish there with my username moon333 to verify you can visit: I also publish the charts of different other assets like forex, commodities, CFDs Stocks e.t.c. Here you will find perfect predictions on different trading assets.

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