Bitcoin Holding $8K as Support but What Will it Take to Break $10K?
Cointelegraph By filbfilb's original article for cointelegraph.com reduced by 76%
Bitcoin price closed the week at $8,180 representing an 11% gain for the week after struggling to break the resistance at $7,600 for most of November and December. Total market cap excluding Bitcoin was up 12.5% last week meaning that altcoins are starting to gain some market share from Bitcoin, which is impressive given BTC's impressive week and counter to the general downtrend that has been in place since summer. The 100-day moving average is now acting as support after Bitcoin was held up around the mid-$8,000s, which is the middle of the previous trading range that Bitcoin held through October.
Bitcoin price is currently consolidating above resistance and the most significant volume node on the visible profile visible range, or VPVR. If Bitcoin can complete bullish consolidation above $8,000, a measured move to the upside would take the price of Bitcoin to the top of the previous range at $9,500 and possibly as high as the next high volume node of $10,100. Should the price of Bitcoin break down at this point, it seems likely that there would be a response around the 61.8% level of the bounce last week, which would potentially lead to a higher low between $7,800-$7,900.
Failure to find support here would lead to Bitcoin painting an Inverted Adam and Eve topping pattern, which would put downward pressure on previous support, suggesting that demand may need to be retested back at $7,000. Failure to capitalize on the early 2020 gains could see the bears reclaim control and take Bitcoin to new lows.
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CN [too long; didn’t read]
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