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:

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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:

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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.

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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.

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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.

 

Regard,

Atif Akbar (moon333)

 


moon333
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


moon333
moon333

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: https://www.tradingview.com/markets/cryptocurrencies/ideas/ 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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