Bitcoin (BTCUSD) looking for a consolidation in the mid-$8k
On Monday, January 13 the BTC/USD pair started the new trading period with a small correction to $8,100. Still, bulls managed to keep the price above the 100-day EMA, which was surpassed two days earlier for the second time recently.
The zone around $8,000 was now serving as a consolidation area and on Tuesday, January 14, BTC formed a huge green candle on the daily chart. The most popular cryptocurrency climbed to $8,821 and added another 8,9 percent to its value.
The mid-week session on Wednesday brought no changes in direction as the coin stayed around the $8,800 level even though it was trading in the wide range between $8,900 - $8,560. The next target for bulls is to hold the mid-$8k gains and then consolidate properly for an attack towards the psychological level of $9,000 and then $9,300.
In terms of 24-hour trading volumes, the BTC/USD pair started with $24 billion on Monday, which grew significantly to more than 2 times or $55 billion on the third day of the workweek.
The zone around $8,000 was now serving as a consolidation area and on Tuesday, January 14, BTC formed a huge green candle on the daily chart. The most popular cryptocurrency climbed to $8,821 and added another 8,9 percent to its value.
The mid-week session on Wednesday brought no changes in direction as the coin stayed around the $8,800 level even though it was trading in the wide range between $8,900 - $8,560. The next target for bulls is to hold the mid-$8k gains and then consolidate properly for an attack towards the psychological level of $9,000 and then $9,300.
In terms of 24-hour trading volumes, the BTC/USD pair started with $24 billion on Monday, which grew significantly to more than 2 times or $55 billion on the third day of the workweek.
- Looking for consolidation at around $8,500 before an attempt towards $9,000 and then $9,300.
- Bitcoin confirmed its position above the 100-day EMA on January 12. We can also notice the fast, 10-day EMA moving above all other on January 13
- ITrading volumes still expanding, keeping the momentum up