Breaking News

Bitcoin Fights To Stay Above $4,000

By Covesting ResearchCryptocurrencyJan 09, 2019 05:59AM ET
Bitcoin Fights To Stay Above $4,000
By Covesting Research   |  Jan 09, 2019 05:59AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

Following the market’s recent surge upwards that occurred over this past weekend, Bitcoin has so far been able to maintain just a hair above $4,000, which has led to a prolonged sideways trading session for most major altcoins.

This sideways trading has extended into today, with most altcoins either trading up or down marginally.

Analysts Have Differing Views on Where Bitcoin Will Face Resistance
Although the markets are currently caught in a bout of relative stability, the Directional Movement Index (DMI) signals that they may soon make an upwards move, led by Bitcoin, which begs the question: where is Bitcoin’s next level of significant resistance?

As discussed in yesterday’s market update, Mati Greenspan, senior market analyst at eToro, explained in a recent note that he believes Bitcoin is caught in a wide trading range between $3,000 and $5,000, with a major point of resistance existing at the latter price point.

“If we zoom out…we can see that the overall range that we're in is from $3,000 to $5,000 per coin… So we're now at the halfway mark in the middle of the broader range,” he explained.

Furthermore, Greenspan rejects the idea Bitcoin’s current price level is an important psychological price point.

“Even though $4,000 is a nice round number it doesn't necessarily represent any sort of significant psychological level,” he noted.

Despite this, while speaking to Forbes, Jon Pearlstone, the publisher of the CryptoPatterns newsletter said that the first level of resistance that Bitcoin faces is at its 2018 trend line that is currently at the $4,500 level. He further noted that a break above this price “would likely lead to a retest of key resistance at the $6000, a level that held for months.”Bitcoin, Altcoins,

Experience Mixed Trading Session

Traders are closely watching to see how Bitcoin responds to the low-$4,000 region, which it has so far been able to defend since it first reached this price point on Sunday.

At the time of writing, Bitcoin (BTC) is trading up marginally at its current price of $4,040. Yesterday, Bitcoin’s price dipped to lows of just under $4,000, which was quickly defended by bulls who sent its price up to highs of over $4,100. Although bulls have so far defended $4,000, they have not yet built up enough buying pressure to propel Bitcoin’s price to the next key resistance levels.
Ethereum (ETH) is currently trading down approximately 0.5% at its current price of $151, and appears to be establishing the high-$140 region as a level of relative support.

XRP is closely following Bitcoin’s price action and is trading up marginally at its current price of $0.365.

Litecoin (LTC) is one of the few altcoins that has surged today, and is currently trading up over 4% at its current price of just under $40.

Bitcoin Fights To Stay Above $4,000
Bitcoin Fights To Stay Above $4,000

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email