14th Jan - Crypto Technical & Market Watch
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BTC/USD has broken above $8,452.84, a move to $9,500 and above it to $10,360.89 is possible.Traders can maintain the stop-loss on the buy positions at $6,800. We shall recommend trailing the stops higher after the price sustains above $8,452.84. If the bears sink the price below $7,856.76 and $ 7696, it will indicate a lack of demand at higher levels. If the price re-enters the range, a drop to $7,000 is possible. We anticipate a sharp move within this week.
A break of the support at $131.484 is likely to attract further selling. The next support on the downside is $125. The bulls in the resistance zone of $151.829 to $157.50 and trailing the stops on the buy positions to $128. Let’s reduce the risk.
The bears will slide below the critical support at $0.20041. If successful, a drop to $0.18339 will be on the cards. If the bulls defend $0.20041 support, it might remain range-bound for a few more days. The pair will be bullish on a break above $0.23260. Currently we dont suggest any trade.
If the bulls can carry the price above $270.15 and sustain it, a rally to $306.78 is possible. Traders can trail their stops on the remaining long trade to $255.If the bears sink the price below $258.26. This will increase the possibility of a dip to 241.85.
Disclosure: The author holds no cryptocurrency at the time of writing.
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