- BSV and Dash leading with over 20% gains, ETC, Litecoin, Bitcoin Cash enjoying greens too
- $7900 is Bitcoin’s Point of Control. As volume left the scene, bears might be en route
The leading cryptocurrency is back to surging. In a matter of a few hours, we went from below $8,100 to $8,606 on Bitfinex.
At the time of writing, BTC/USD has been trading at $8,516 with 24 hours gains of 5.11% while managing the daily trading volume of over $1 billion.
But Bitcoin isn’t the biggest gainer by any stretch. BSV at 6th spot is leading with 26.35% gains trading at $204.53. Dash is another altcoin that is enjoying the greens by 23.74% at $81.19.
Looking ahead, the test of $8,750 should be next, according to trader and investor Josh Rager.
“Looks good. $7900s acted as support at the previous range in Sept-Oct 2019 & is currently acting as support now as the POC (point of control since May).”
If BTC manages to successfully test and close above $8,750, the price should rip up to $9,050, said Rager. Even if the price breaks down, we have support present at $7,900.
Bears en route
Bitcoin has made a good jump and Rager is feeling positive about moving forward but it might not be all green ahead for the world’s leading cryptocurrency.
According to popular trader Majin, “The beatings shall continue until all morale evaporates.”
He is currently looking at three scenarios, holding $8,200 and chop before up, defend a higher low around $7,800 or bounce from the CME gap and make a bear flag before the “doom”.
As the price starts moving down, the volume also started fading as well. “Volume left the scene, bulls are in denial, downbart incoming,” noted Majin.
top is in i think https://t.co/WLrE9uITMH
— Majin (@majinsayan) January 14, 2020
Market analyst Benjamin Blunts is also seeing bears coming, with the target at $7,605. Echoing Majin’s sentiments, he is also seeing the top of this run.
“It's been a nice run that's usually a pretty good indicator for tops,” said Blunts. He has also moved out of his BTC longs.
Bears en route 👀
— The Cryptomist (@TheCryptomist) January 14, 2020
Bitcoin has also reached the bearish targets of analyst and trader Crypto Wolf who says it’s time to pay attention.