Bullish scenario Bitcoin

Bullish scenario Bitcoin

Gate Trade News Sunday, January 12, 2020 111 1

Support around the $7,600 area must be maintained for the bullish scenario. If the price of Bitcoin can do that (which it looks like at this point), the price is ready for continuation to the upside.

In that regard, a breakout of the downtrend is likely to occur. A breakout would trigger more people to step into the market, causing a strong impulse wave to the upside.

If Bitcoin breaks the downtrend, then the $9,500 and $10,000 levels will be the next targets. Another resistance level is found at $8,800, but it’s likely to be broken. The reasoning is simple: a breakout of a 7-months downtrend would give a strong impulse move and strong buying power. Thus, a push to $9,500 is expected to occur.

The $9,500 level is crucial as price bounced several times here during the summer of 2019. Therefore, it is likely to be the next resistance.