Bitcoin (BTC) at $9,500; There is No Argument to be Bearish Says Analyst


Bitcoin BTC
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Bitcoin (BTC) at $9,500; There is No Argument to be Bearish Says Analyst

Bitcoin (BTC), judging from candlestick arrangements, can easily surge to June 2019 highs.

Given the strong reversal of Nov-Dec 2019 losses and positive signals generated by one of the most closely followed technical indicator, the MACD, there is little argument to remain bearish. This is according to one of the crypto space most respected trader, FlibFlib, who took to twitter to express his two cents.

Hints from the Bitcoin Chart

Bitcoin BTC Market Performance
Bitcoin BTC Market Performance

At pixel time, BTC is trading at over $9,500 and retesting a key liquidation level. For all there is, bulls are firmly in control and have reversed losses of Dec 2019.

As it is, it is highly likely that prices will close above Nov 2019 highs, setting the foundation for another rally that may lift BTC further into the green.

Going forward, it is imperative that BTC bulls comprehensively break and close above the $9,500-600 resistance zone at the back of high trading volumes.

Bitcoin BTC Monthly Chart for Jan 30
Bitcoin BTC Monthly Chart for Jan 30

This, as per candlestick arrangements, will nullify the bear breakout of Sep 2019 more so if the accompanying bull bar is with high participation as aforementioned.

Failure could see BTC crater and the bear breakout pattern of September 2019 confirmed in a move that would pour cold water on the current anticipation despite expectations of better prices, four months before a decisive halving.

According to FlibFlib, the confluence of supportive technical factors derived from the daily chart is supportive of bulls and therefore, there is little reason for a bearish argument.

“Bitcoin closes the Month tomorrow. A close above $9158 prints a higher high on the monthly close for the first time since June 2019. There is also a bullish cross on the MACD above zero. Difficult to have a bearish argument tbh.”

Google Search on Halving on the rise, Hash Rate is at new highs too

Away from candlestick arrangements, several factors are playing into bulls, and could support prices going forward. For example, the rise of Google search terms for “Halving” is on the rise indicating interest from the public.

Secondly, ahead of an emission’s shock, the network is secure and hash rate at new highs.

Also, the number of unique BTC addresses has been on a steady uptrend. This translates to perfect distribution and use of BTC not only as a safe haven but a medium of exchange as originally designed.

Author: Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich
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Dalmas Ngetich 335 Articles
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich
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