BTC/USD Poised to Break Key Resistance As Coronavirus Fears Spread
BTS/USD remains well bid amidst Coronavirus fears and a generally lacklustre performance across global equity markets.
Most notably, the BTC/USD price has continued to hold its breakout of the 6-month downward trending channel.
Medium-term bulls will likely treat weakness as an opportunity to accumulate, anticipating an eventual breakout of the key orange resistance zone.
Momentum bulls may wait for a high-volume move above the upper band of the orange resistance zone at $9,895, ideally coinciding with new highs on the daily RSI.
Bears may now be confidently shorting the lower band of the orange resistance zone once again, having already scalped good gains on last week's failed breakout.
With the bottom band of the orange resistance zone now established as a key level, traders should be on the lookout for increased volatility as buy and sell stops are triggered around this price point.
Traders should also be aware that the Chinese government has extended the Lunar New Year holiday until January 30, potentially extending the market uncertainty that historically accompanied this period.
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