Research Snappy
  • Market Research Forum
  • Investment Research
  • Consumer Research
  • More
    • Advertising Research
    • Healthcare Research
    • Data Analysis
    • Top Companies
    • Latest News
No Result
View All Result
Research Snappy
No Result
View All Result

BTC/USD failure to break $9,000 resistance could open the Pandora box

researchsnappy by researchsnappy
January 18, 2020
in Healthcare Research
0
BTC/USD failure to break $9,000 resistance could open the Pandora box
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter

  • Bitcoin Friday’s recovery stalls at $9,000, allowing for correction.
  • Bitcoin buyers must defend the short term support at $8,800 in order to avoid further dips to $8,500.

Following an event-filled week, Bitcoin alongside other digital assets is in a correction. On Friday, Bitcoin resurfaced above $8,900, further cementing the bulls’ position on the market. They pulled the price higher, where Bitcoin came into contact with the $9,000 psychological level. However, the momentum lost steam allowing the bears to make an entrance pushing Bitcoin below the short term support at $8,900.

At the time of writing, Bitcoin is trading $8,836 in the wake of a subtle -0.67% correction on the day. The ongoing downward momentum is likely to test the immediate support at $8,800. Similarly, the Relative Strength Index (RSI) suggests that the bears are taking over. If the RSI continues to dive, Bitcoin could retest the recent support at $8,500.

The long term picture hints hard times ahead for Bitcoin, especially with the formation of a rising wedge pattern. If the pattern’s support fails to hold, energized reversal could push Bitcoin back into the $7,000 range. For now, the best the buyers can do is to sustain the price above $8,800 and ensure they don’t lose focus of the resistance at $9,000.

BTC/USD 4-hour chart

 

Previous Post

Edited Transcript of STT earnings conference call or presentation 17-Jan-20 3:00pm GMT

Next Post

Consumption, Consumer-Demand, Brand-Types, Key-Manufacturers, Specification, Business-Opportunities, Competition-Scenario, Sales & Future-Growth 2024 – Dagoretti News

Next Post
Consumption, Consumer-Demand, Brand-Types, Key-Manufacturers, Specification, Business-Opportunities, Competition-Scenario, Sales & Future-Growth 2024 – Dagoretti News

Consumption, Consumer-Demand, Brand-Types, Key-Manufacturers, Specification, Business-Opportunities, Competition-Scenario, Sales & Future-Growth 2024 – Dagoretti News

Research Snappy

Category

  • Advertising Research
  • Consumer Research
  • Data Analysis
  • Healthcare Research
  • Investment Research
  • News

Pa. Republicans reconsider Pitt funding over fetal tissue research, college voucher program

Arthur Pharma Closes Series A Financing Round

YouTube and the Achilles Tendon: An Analysis of Internet Information Reliability and Content Quality

  • Privacy Policy
  • Terms of Use
  • Antispam
  • DMCA
  • Contact Us

© 2022 researchsnappy.com

No Result
View All Result
  • Market Research Forum
  • Investment Research
  • Consumer Research
  • More
    • Advertising Research
    • Healthcare Research
    • Data Analysis
    • Top Companies
    • Latest News

© 2022 researchsnappy.com