Bitcoin (BTC) Price Analysis – January 9

  • The BTC price was sustained above the  $4,100 price level in the last 48 hours.
  • The crypto will rally at the $4,500 or $5,000 price level if the current price level is sustained and more buyers come in at that price level.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bullish

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $4,000, $3,800, $3,600 

Yesterday, the price of Bitcoin was retracing after the BTC price reached the high of $4,218. The crypto's price retraced to the low of $4,100 price level which had been sustained in the last 48 hours. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that the price is likely to rise.

In the same vein, if the bulls continue to sustain their hold above the $4,100 price level, Bitcoin will rally at the $4,500 or $5,000 price level. On the downside, if the bears break the 12-day EMA and the 26-day EMA, the crypto will fall to the $3,900 price level.

Meanwhile, the Stochastic is approaching the overbought region but below the 80% range which indicates that the price of Bitcoin is in a  bullish momentum and a buy signal.

BTCUSD Short-term Trend: Bullish  

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the crypto's price is in the bullish trend zone.  The crypto's price retraced to the support of the 12-day EMA.  The crypto's price is likely to rise because the price is above the 12-day EMA  and the 26-day EMA. Meanwhile, the stochastic is out of the overbought region but below the 60% range.

The stochastic blue band is making a U-turn. This indicates that the price of Bitcoin is in a bearish momentum but the bears appear to have exhausted their bearish movement.

 

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