Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears

Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.

 

The upside is now showing potential of the beginning of a macro bull run. Nevertheless, there are still resistances to over-come before confirmation on technical charts.

The daily high on spot exchanges is $8677. The price of Bitcoin [BTC] at 3: 15 hours UTC on 27th January is $8619.

Critical Resistances

According to leading analysts, $8650 marks an important area for bullish continuation. Derivatives and crypto trader, TraderXO, tweeted,

Coming into resistance at the weekly mid range of 88s Im currently short from 8640’s – 1/3rd size filled… further asks higher up Targeting low 82s – 8150’s Clear invalidation level for me is closing above the weekly mid

weekly chart price analysis
Bitcoin Weekly Chart PA (Source: Twitter)

Not only TraderXO, but also other prominent traders like George and SalsaTekila are in anticipation of resistance at $8650. George tweeted,

…If we don’t reject around 8650 and close the day strong, I’ll close shorts and flip bull. Let’s see.

Moreover, the 200-Day Moving Average at $8915 continues to act as last big hurdles for the bulls.

btcusd
BTC/USD 1-Day Chart on Bitstamp (TradingView)

Furthermore, while the resistance levels are intact, the price also moved above the long-term bear channel once again weakening the bearish sentiments.

CME Gap Update

Bitcoin [BTC] price records yet another CME gap, nevertheless, this time-around it is a bearish one. The futures contract prices opens with a $100 gap at $8595 yesterday.

btcusd futures
BTC/USD Futures 1-Day Chart on CME (TradingView)

Moreover, similar to spot, the 200-Day Moving average seems to be acting as the critical region of support and resistance at the moment. The price has witnessed a bullish and bearish deviation, and is again attempting to make a run for it.

The weekly close in the price was above $8500 at $8590. The prices look strong at above the 50-period moving average at $8000.

Do you think the bullish run will continue or is it another bull trap? Please share your analysis with us. 

The post Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears appeared first on Coingape.