Forex and Crypto News

Bitcoin price stuck at $8800

10:13 15 January /2020

It looks like the bulls are starting to activate after Bitcoin has overcome the $8,000 mark. On Tuesday, the price of Bitcoin peaked at $8,900 on Bitstamp. Today, we are seeing a decline in the price of Bitcoin. At the time of publication, the price of Bitcoin is $8,656.
It appears that the $ 8000 level provides enough resistance that the bulls are not yet ready to overcome. And most likely in the coming days, we will see Bitcoin trading in the range of $8800- $ 8100. And if you look at trading volumes, we can conclude that to change trading volumes, Bitcoin must either rise above $9,100 or fall below $8,200.

Yesterday's close was positive. If the weekly close is positive, we will see further growth with a breakdown probability of $9,100.

As long as the resistance level of $8,800 continues to hold back the bulls, market sentiment remains optimistic.

On the 4-hour chart, the RSI is close to the overbought zone at 70. However, in bull markets, the index reaches 90, which is considered overbought.

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