Eyes 200-Day Average
BTC: Price: $8,850 | Market cap: $160 billion | 24-Hr Volume: $46 billion
Trend: Bullish Bitcoin's low-volume pullback to levels below $8,600 seen during the Asian trading hours has been reversed.
The cryptocurrency now looks set to test the widely-followed 200-day moving average (MA) at $9,100, as suggested by Tuesday's high-volume break above $8,463 – passing the resistance of a lower high created on Jan. 8.
A UTC close above the 200-day MA would expose key resistance levels at $9,400 and $10,350.
Popular analyst Josh Rager expects a potential break above $10,350 to set the tone for a major bull run for months to come. Bitcoin reversed sharply lower from $10,350 in October, so a move past that level could attract keener buying.
The short-term bullish view would be invalidated if prices find acceptance under Tuesday's low of $8,105. Indicators, however, are reporting strong bullish momentum, so a drop below $8,100 looks unlikely.
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