BTCUSD – Weekly outlook for Bitcoin Price – 9th January 2020

BTCUSD Forecast for BTC

Introduction

The crypto sphere finally hits mainstream adoption across all Bitcoin online trading service providers as the US COVID-19 stimulus fund is now easy money for newcomers in the space to get their feet wet. New Bitcoin addresses are on the rise, and we continue to see the number one crypto asset smashing new record highs forcing the total crypto market cap to hit a little above one trillion USD.

Read on for more insights on news events and price structures of the BTCUSD.

BTCUSD Technical Analysis

BTCUSD Monthly Chart

Monthly Chart of BTCUSD (Tradingview) - 9th January 2021

The Bitcoin BTC price finally sets a new ATH and arranged for a new impulse wave-1 after completing the ABC corrective wave on the monthly time frame above.

The above monthly chart illustration shows the Elliot wave market structure since Oct 01 ’10, where the BTC price traded as low as 0.01cents from where it continues to set a first primary impulse Elliot wave comprised of three impulse waves and two correction wave.

The significant impulse wave completed the significant ABC correction wave and is now set to form a new impulse wave as the BTC/USD closed beyond the 2017 ATH.

Weekly Chart

Weekly Chart of BTCUSD (Tradingview) - 9th January 2021

A view from the weekly time frame highlight the strong upward price surge of the BTC/USD exchange rate, starting from a bullish divergence market structure of the Relative Strength Index indicator.

The bulls continue to force the Bitcoin price into new price regions with no clear correction insight.

Daily Chart

Daily Chart of BTCUSD (Tradingview) - 9th January 2020

Bitcoin continues to soar higher above the ten daily Moving Average after exiting the oversold area on December 12, ’20, and entering the overbought zone on December 15, ’20.

The bears’ efforts on December 20, ’20, and December 27, ’20, and January 03 ’21 could not stop the raging bulls from finding new highs.

We should expect a firmer grip from the bulls as long as the RSI stays above the level-30.

Bullish Scenario:

Bitcoin continues to be dominated by intraday, 4hour, and daily time frame bullish market participants, which is why the price continues to set new record highs.

A 45K Bitcoin price is still possible, should the bulls persist with their campaign.

Bearish Scenario:

Although there’s no significant bearish set up on the higher weekly and monthly time horizons, the lower intraday time views are a fair haven for binary options and bitcoin futures traders to take quick short term trades.

Bitcoin BTC News Events 

According to CryptoQuant statistics, Bitcoin BTC trading within a discovery zone makes futures traders somewhat risk-averse.

CryptoQuant reports that the average leverage traded on BTC futures is in a downslope by the hour on top crypto exchanges.

CryptoQuant’s Estimated Leverage Ratio, an indicator developed, is an exchange Open interest ratio to the exchange’s deposited reserve, which varies with time.

Bitcoin set a new ATH-All Time High again above 37,000 USD after ETPs, CoinShares XBT provider recorded trades worth about 202 million USD on the first day of 2021.

The total crypto market cap, calculated by TradingView, shows that the crypto market has hit a little over 1 trillion USD, estimated as 1% of all the money in the world.

In a statement with Decrypt, Bitfarms Geoff Morphy, who happens to be president of Canada’s BTC mining operation, said that the 1 trillion USD mark is just the tip of the iceberg as people will look for ways to grow and preserve their asset value.

In an interview with Andrews Ross Sorkin of CNBC, former Fed governor, and Bitcoin detractor Kevin Warsh, he perceives Bitcoin BTC’s value.

He went on to attribute Bitcoin to be the new Gold for people under the age of 40.

Walsh mentioned that Bitcoin BTC’s success is eating into Gold and that if Bitcoin did not exist, Gold would have rallied way more than we see now.

Conclusion and Projection

With uncertainties in the form of a global pandemic on the rise and Brexit deal or no deal looming, investors and traders seek shelter in Bitcoin and assets that are considered non-correlated to the traditional economies.

 

I'm based in London ( England, UK )
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.

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