{"id":248103,"date":"2020-01-24T16:19:32","date_gmt":"2020-01-24T21:19:32","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=248103"},"modified":"2020-01-24T16:19:32","modified_gmt":"2020-01-24T21:19:32","slug":"bitcoin-price-prediction-btc-usd-breaks-the-bull-session-as-it-tests-support-at-8224","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-usd-breaks-the-bull-session-as-it-tests-support-at-8224","title":{"rendered":"Bitcoin Price Prediction: BTC\/USD Breaks the Bull Session as it Tests Support at $8,224"},"content":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 January 24<\/strong><\/p>\n

Today, BTC\/USD faced a pullback as the price slid below $8,400 and tested support near $8,224 price area.<\/p>\n

BTC\/USD Long-term Trend: Bullish (Daily Chart)<\/h4>\n

Key levels:<\/p>\n

Resistance Levels: $9,200, $9,400, $9,600<\/p>\n

Support Levels: $7,700, $7,500, $7,300<\/p>\n

\"\"<\/a>
BTCUSD – Daily Chart<\/figcaption><\/figure>\n

On the daily BTC\/USD<\/a> chart, we can see that price levels have rapidly declined to result in Bitcoin dropping $696 within the space of a few days. Since then, short-term price action has formed a wedge that has eventually broken to the upside. This has resulted in price levels attempting to form a new uptrend. Buying volume is yet to flood back into the market but will be required in order to sustain any form of a new uptrend.<\/p>\n

As of now, the market price for BTC\/USD and the daily candle is trading at $8,502 but has already moved above the 21-day moving average. The next resistance levels lies at $9,200, $9,400 and $9,600. Typically when the new uptrends are beginning to form, traders will use the 9-day moving average as a pivot resistance point to gauge the strength of the trend. When price levels rise above the 9-day MA, this is a sign of sustainability and will likely result in a continuation of the newly formed trend.<\/p>\n

However, should BTC price failed to move up; we may see a price cut to $7,900 vital support. A further low drive could send the price to $7,700, $7,500 and $7,300 supports. For now, the bulls are still defending critical support. But as things stand, the BTC\/USD price is rising but the stochastic RSI is moving into the oversold zone.<\/p>\n

BTC\/USD Medium-Term Trend: Bearish (4H Chart)<\/h4>\n

Looking at the 4-hour chart, the bears have been dominating the market tremendously, but the bulls are trying to defend the $8,311 support as well. Meanwhile, the $8,200 and below may come into play if BTC breaks below the moving averages and move to the mentioned support levels.<\/p>\n

\"\"<\/a>
BTCUSD – 4 Hour Chart<\/figcaption><\/figure>\n

However, in as much as the buyers can reinforce and power the market, traders may expect a retest at $8,500 resistance level and breaking this level may further allow the bulls to reach $8,700 and above. The RSI (14) is moving in the same direction, indicating a sideways movement in the market soon.<\/p>\n

Please note:<\/strong> Insidebitcoins.com<\/a> is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 January 24 Today, BTC\/USD faced a pullback as the price slid below $8,400 and tested support near $8,224 price area. 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