Jan 27, 2020
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Bitcoin Price and Technical Market Analysis January 27th, 2020

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Bitcoin Price and Technical Market Analysis January 27th, 2020

  • Buyers were able to pass the local mark $8520 and continue moving to the target $9050-9350.
  • In two days, buyers raised Bitcoin price by 6%, again moving beyond the global trend line of the falling channel.
  • Buyers will not be able to pass $9080 without increased trading volumes.

The new trading week in Bitcoin market started positively for buyers. After an unsuccessful attempt to update the local low on 25 January, buyers managed to raise Bitcoin price by 6% without correction within 2 days. In the previous analysis, we wrote about two local critical points, one of which was $8520. The 4-hour timeframe clearly shows how easy it was for buyers to capture this mark. Therefore, we do not see an obstacle to continued growth to $9050-9350, where buyers will need serious efforts to continue their growth.

Analyzing the trading volumes, we found that there are no big sellers in this Bitcoin price range. Returning to the 4-hour timeframe, we see that trading volumes are not higher and look like average.

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BitcoinNews · News

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