Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.
The upside is now showing potential of the beginning of a macro bull run. Nevertheless, there are still resistances to over-come before confirmation on technical charts.
The daily high logged on spot exchanges is $8677. The price of Bitcoin [BTC] at 3: 15 hours UTC on 27th January is $8619.
Coming into resistance at the weekly mid range of 88s Im currently short from 8640’s – 1/3rd size filled… further asks higher up Targeting low 82s – 8150’s Clear invalidation level for me is closing above the weekly mid
…If we don’t reject around 8650 and close the day strong, I’ll close shorts and flip bull. Let’s see.
Moreover, the 200-Day Moving Average at $8915 continues to act as the last big hurdles for bulls.
Nevertheless, while the resistance levels are intact, the price also moved above the long-term bear channel once again weakening the bearish sentiments.
The weekly close in the price was above $8500 at $8590. The price look strong above the 50-period moving average at $8000.
CME Gap Update
Bitcoin [BTC] price records yet another CME gap, nevertheless, this time-around it is a bearish one. The futures contract prices opens with a $100 gap at $8595 yesterday.
Moreover, similar to spot, the 200-Day Moving average seems to be acting as the critical region of support and resistance at the moment. The price has witnessed a bullish and bearish deviation, and is again attempting to make a run for it.
Do you think the bullish run will continue or is it another bull trap? Please share your analysis with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com