{"id":59549,"date":"2020-01-19T03:53:34","date_gmt":"2020-01-19T01:53:34","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=59549"},"modified":"2020-01-19T03:53:34","modified_gmt":"2020-01-19T01:53:34","slug":"bitcoin-price-pump-past-9000-not-bullish","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-pump-past-9000-not-bullish\/","title":{"rendered":"Why Bitcoin Price&#8217;s Pump Past $9,000 Might Not Be Bullish"},"content":{"rendered":"<p>Over the past hour, <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\">Bitcoin<\/a> (BTC) has absolutely exploded higher, managing to break out of a price consolidation pattern that has trapped bulls and bears on either side for the past few days, or a week, depending on who you ask.<\/p>\n<p>In fact, the price of the leading cryptocurrency just tapped $9,175 just minutes ago, surging 3% higher in the past 24 hours.<\/p>\n<p>While this is a decisive break above a key psychological and technical resistance level, some think that this may not last.<\/p>\n<p><img class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/a9JxnF1j\/\" alt=\"\" title=\"\"><\/p>\n<h2><strong>Could Bitcoin Fall After Pump to $9,000<\/strong><\/h2>\n<p>Trader Nebraskan Gooner argued that while he expects for BTC to move towards $9,500, he has some hesitation that his entire move upward is unsustainable, noting that his proprietary indicator (Top Goon X) has printed a clear bearish divergence on the daily chart.<\/p>\n<p>This could imply that this move may just be a <a href=\"https:\/\/en.ethereumworldnews.com\/this-eerie-chart-suggests-bitcoin-soon-to-crash-to-6000s-again\/\">bear market bounce<\/a>, not a full-blown macro reversal bull market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a><\/p>\n<p>My upwards zone is still $9.5k region.<\/p>\n<p>My hesitation with the sustainability of this move is the bearish divergence shown by Top Goon X that wasn&#39;t present on the previous run up.<\/p>\n<p>Last run up we also got a strong buy signal which is a better trend reversal signal. <a href=\"https:\/\/t.co\/U58PKzENSC\" rel=\"nofollow\">pic.twitter.com\/U58PKzENSC<\/a><\/p>\n<p>&mdash; NebraskanGooner\ud83d\udcc8 (@nebraskangooner) <a href=\"https:\/\/twitter.com\/nebraskangooner\/status\/1218708292580597760?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">January 19, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Maybe More Upside?<\/strong><\/h2>\n<p>While there are the aforementioned bearish arguments, the consensus seems to be medium-term bullish on Bitcoin rather than bearish.<\/p>\n<p>Firstly, CryptoDude\u00a0<a href=\"https:\/\/twitter.com\/cryptodude999\/status\/1218686085276094464\" target=\"_blank\" rel=\"follow noopener noreferrer nofollow\" data-wpel-link=\"exclude\">earlier Saturday noted<\/a> that $9,080 is a \u201ccritical level\u201d from a high time frame perspective for Bitcoin. If BTC manages to hold above this key resistance on a weekly basis when the candle closes on Sunday night, it will indicate that there is a macro reversal on the horizon, one that will bring BTC back to the $14,000 high seen last year and potentially beyond, especially with the upcoming halving.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> Critical level at higher TFs, will try my chances with a short if it closes below this range at 4H &#8211; bulls have held it well so far with 2 touches yet no break therefore I&#39;m not confident enough in getting in a position now.<\/p>\n<p>Flat, caution for bulls if they lose support. <a href=\"https:\/\/t.co\/Bs7YNf0HgT\" rel=\"nofollow\">pic.twitter.com\/Bs7YNf0HgT<\/a><\/p>\n<p>&mdash; CryptoDude (@cryptodude999) <a href=\"https:\/\/twitter.com\/cryptodude999\/status\/1218686085276094464?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">January 19, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On a shorter-term time frame, trader CryptoBirb\u00a0<a href=\"https:\/\/twitter.com\/crypto_birb\/status\/1218637643552034818\" target=\"_blank\" rel=\"follow noopener noreferrer nofollow\" data-wpel-link=\"exclude\">noted<\/a>\u00a0that this latest surge has allowed Bitcoin to break above a flat channel that BTC has traded in for nearly a week now, which has a low of $8,555 and a high of $9,000. He expects a breakout of the channel to bring Bitcoin 4% higher from where it is now to $9,400.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Prepared another <a href=\"https:\/\/twitter.com\/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$btc<\/a> map for ya\ud83d\ude0a <a href=\"https:\/\/t.co\/t1GxLSafdQ\" rel=\"nofollow\">pic.twitter.com\/t1GxLSafdQ<\/a><\/p>\n<p>&mdash; CRYPTO\u20bfIRB (@crypto_birb) <a href=\"https:\/\/twitter.com\/crypto_birb\/status\/1218637643552034818?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">January 18, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Not to mention, Joe McCann, an AI specialist at Microsoft and a prominent cryptocurrency trader, said in his Telegram channel tracking Bitcoin that the funding rate on BitMEX suggests that there is &#8220;more upside on the way.&#8221; McCann has been doing quite good at tracking BTC&#8217;s price action and calling moves in advance, giving this prediction more credence.<\/p>\n<pre>Featured Image from Unsplash<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Over the past hour, Bitcoin (BTC) has absolutely exploded higher, managing to break out of a price consolidation pattern that has trapped bulls and bears on either side for the past few days, or a week, depending on who you ask. In fact, the price of the leading cryptocurrency just tapped $9,175 just minutes ago, surging 3% higher in the past 24 hours. While this is a decisive break above a key psychological and technical resistance level, some think that [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":55846,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[7735,6971,83,162,111],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59549"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=59549"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/55846"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=59549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=59549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=59549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}