Bitcoin [BTC] price broke above December monthly high around $7800. The price of Bitcoin [BTC] at 2: 15 hours UTC on 7th January 2019 is $7912.
It rose by 7.5% on the 24-hour scale as the price broke bullish above uncertainty around $7350. The peak of the bullish move in the last couple of hours is at $8009.
According to Sawcruhteez, the Wykoff accumulation pattern has surpassed its’ spring stage which is a further bullish indicator for the price. Nevertheless, Bitcoin [BTC] still faces a last big hurdle before the bullish action can resume.
The bulls seems to regaining strength again with massive volume. On the 4-hour chart, he also mentions the formation of a ‘golden cross’ between the 200 and 50 period EMA.
While the shorter-time frames are bullish with resistances on the daily broken, price seems to be breaking above the wide bearish picture as well.
Derivatives trader, TraderXO, tweeted about the resistance and deviation from the horizontal channel. However, he is looking for a reversal below $8000, he tweeted
They often say its all about the D Would like to fill some more…. second spike please… Filled 7980s
Nevertheless, currently, it looks like Bitcoin is attempting to break above the descending channel as well. On a daily scale, the 200-Day EMA which will act as the next milestone in a bullish move is at $8149.
Furthermore, on a weekly scale, Bitcoin [BTC] the 50-Period EMA around $7880 is currently being tested. On the break from the channel, the last level of resistances before $9000 would be around $8320.
The oscillators are also turning positive as on the daily, CMF and MACD are positive with RSI around 60. On the weekly, however, the CMF and MACD are still negative. The RSI on the weekly is currently neutral.
Do you think the bulls will continue their action or bears will look for a surprise? 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