Bitcoin price rises to $ 9,400, setting a new high in 2020
Bitcoin (BTC) has started rising higher in the past few hours, with buyers following the 11% in the last week to finally step in. Since then the price of the leading cryptocurrency at the end of last week 8. 200 dollar, BTC has exploded higher and is 9 at the time of writing. 350 dollars.
Bitcoin explodes massively above $ 9. 200
First, this step has Bitcoin over the simple sliding 200 – Daily average brought. Although the price is not yet above this important technical level of around 9. 000 dollar has closed, this specific moving average has long been considered by analysts as an indicator of the long-term direction of an asset.
Trader Mayne, this increase towards $ 9. 350 commented in the last hour, says the rise to this level is a precursor to further recovery to $ 9. 800 could be.
CJ noticed this morning that $ 9. 223 is a “key value” for BTC, which makes this recent rise above that value likely an “important level” for the bullish outlook.
Pivotal. pic.twitter.com/66 PdJet2m6
– CJ (@IrnCrypt) 28. January 2020
Since the recent move is undoubtedly bullish, the cryptocurrency must hold the monthly candle above $ 9. 557 close, because that sets a higher high in the market trend. This conclusion should manifest the idea that the long-term downward trend that is the leading digital asset of 14. 000 $ to 6. 400 $ brought, is finally over. As Josh Rager wrote:
“The downward trend is clearly broken in a high time frame, and if Bitcoin is over 9557 Dollar closes, that's a higher high.
How long you bears going to stay bearish?
The downtrend is clearly broken on high time frame and if Bitcoin closes above $ 9557, that's a higher-high
Sure, BTC could pullback but stop with the $ 5k calls until price breaks at least below $ 8k (if it even gets there again) pic.twitter.com/MHLuSQih6M
– Josh Rager 📈 (@Josh_Rager) 28. January 2020
Text proof: newsbtc