BTCUSD: A Breakout Finally! Will the Support Hold? | Jan. 13
It looks like the bulls have finally managed to take control after a long sideways battle.
In our previous analysis posted on CoinMarketCap Alexandria, we expected the price to rally to $18,600 upon flipping the resistance at $17,700. The price rallied to $18,800 this week and broke the $18,800 mark for the first time after November.
In the 4-hour chart, we can see a clear breakout from the supply zone at $18,800 on Friday. It is crucial for the price to sustain over the supply zone for a continuation of the rally.
We may see a minor pullback, as the RSI is pointing towards an overbought state at the time of writing.
If the supply zone is sustained, expect a strong move to the next resistance at $19,750. However, if the resistance at $18,800 fails to hold, the price could tumble back down to $17,700. Traders should wait for a retest before taking a long position, to be on the safe side.
The major points of interest are $18,800 and $19,750.
In our previous analysis posted on CoinMarketCap Alexandria, we expected the price to rally to $18,600 upon flipping the resistance at $17,700. The price rallied to $18,800 this week and broke the $18,800 mark for the first time after November.
In the 4-hour chart, we can see a clear breakout from the supply zone at $18,800 on Friday. It is crucial for the price to sustain over the supply zone for a continuation of the rally.
We may see a minor pullback, as the RSI is pointing towards an overbought state at the time of writing.
If the supply zone is sustained, expect a strong move to the next resistance at $19,750. However, if the resistance at $18,800 fails to hold, the price could tumble back down to $17,700. Traders should wait for a retest before taking a long position, to be on the safe side.
The major points of interest are $18,800 and $19,750.
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