On January 18, the Bitcoin (BTC) exchange rate surpassed the $ 9,000 mark and reached $ 9,194 before easing slightly. The BTC rate has reached its highest level since early November, reaching 9,000 US dollars for the first time in 2020.
BTC USD daily chart. Source: TradingView
The upward move brought the price above the main trend line of the ascending triangle in the zone from $ 9,100 to $ 9,200 (highlighted in pink), set a daily high and opened the door for further gains up to $ 9,600.
Weekly overview cryptocurrency market. Source: Coin360
Traders who watch the 4 hour timeframe will find that the price is being drawn directly under the arm of the ascending triangle and this point could act as a resistance area.
BTC USD 4 hour chart. Source: TradingView
Earlier Bitcoin price developments from October 26 to November 8, 2019 suggest that bulls must flip the resistance into support to see a continuation to $ 9,200 to 9,500.
On January 18, Michaël van de Poppe said that if Bitcoin’s price rises above $ 9,000, the next levels of resistance will be $ 9,400 and $ 10,000.
Van de Poppe also warned that “Bitcoin has started a rally since $ 6,400, so the upward trend will eventually stop to consolidate.”
Bitcoin price developments remain bullish in the daily timeframe, with the relative strength index (RSI) and moving average convergence divergence (MACD) still in bullish zones.
BTC USD MACD, RSI and Stoch daily chart. Source: TradingView
As can be seen on the daily chart, $ 9,132 has been support for the Bitcoin rate for a long time, and if bulls can flip this point to support, traders will consider $ 9,600 and $ 9,960 as next targets.
BTC USD daily chart. Source: TradingView
The price is also optimistic in the shorter periods, since the MACD lies above the signal line and the green histogram changes over 0.
BTC USD MACD, RSI and Stoch 4 hour chart. Source: TradingView
In the short term, traders should keep an eye on the trading volume and next candles within a 4 hour timeframe to see if the price can rise again above the ascending triangular trendline and through the highlighted zone at $ 9,100 to $ 9,200.
Crypto total market capitalization. Source: Coin360
The total market capitalization of cryptocurrencies is currently just under $ 250 billion and Bitcoin’s dominance is 66.4%. Notable winners among the top 10 altcoins were Ether ((ETH)) with 4.70%, XRP with 5.94% and Stellar (XLM) with 7.05% profit.
