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Bitcoin (BTC) Price Analysis: Short-Term Warning Signal Flashes

Bitcoin (BTC) Price Analysis: Short-Term Warning Signal Flashes

Nick Cawley, Strategist

Bitcoin (BTC) Price Forecast, Analysis and Chart:

  • CCI indicator shows Bitcoin heavily overbought in the short-term.
  • Bitcoin hits its highest level since mid-November.

If you are interested in trading the cryptocurrency market, we have produced a Day Trading Guide to Bitcoin and Other Cryptocurrenciesto help you better understand this highly volatile asset class.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
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Bitcoin (BTC) Rallies Over 23% in Less Than a Week

The dominant cryptocurrency, Bitcoin, has started 2020 with a surge, rallying in excess of 23%, low-to-high, since last Friday. This rally has also pulled other cryptocurrencies off their multi-week lows with double-digit gains commonplace. The daily chart now throws up a mixture of bullish and bearish signals over the short- and medium-term.

Using the CCI indicator, the latest rally has pushed Bitcoin into heavily overbought territory and may signal a pull back in the short-term as the market looks to gain some equilibrium. The CCI reading is at its highest level in nine months. Bitcoin remains below the 200-day moving average, but the spot price is quickly catching up this long-term indicator.

Positive signs remain however with BTC breaking sharply above both the 20- and 50-day moving averages at the start of the week, a sign that the medium-term sentiment is bullish. The pattern of lower lows started in late-June last year has also been broken. For further confirmation that Bitcoin’s bear market is over, a close above the October 28 lower high at $9,957 needs to be made. This would also take out the 200-dma currently at $9,238. The average true range (ATR) indicator has picked-up fractionally recently but remains well below levels seen in mid-July.

Bitcoin vs Gold: Top Differences Traders Should Know

Bitcoin (BTC) Daily Price Chart (April 2019 - January 8, 2020)

Bitcoin price chart showing sharp rally

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.