Technical analysis

Bitcoin about to confirm a long-term bullish reversal

Julien Moretto – 29 Jan 2020

The uptrend seems to be confirmed in the cryptocurrency market. Bitcoin is up another 7% in the last seven days. More importantly, the price is now in contact with the €8,400 to €8,550 ($9,200 to $9,400) pivot zone. Even if other technical resistances are higher, the breakout of this range will trigger a long-term bullish sentiment in the market.

On the altcoins side, the top 20 of the market is dominated by Ethereum Classic (ETC) and Cardano (ADA), which gained 36.2% and 21.8% respectively this week. With the news showing concerns about the coronavirus, some people are questionning whether Bitcoin should be classified as a risky asset or a store of value. We observed that since the coronavirus is making the news, Bitcoin has been on the rise while stock market indexes have corrected significantly. An observation that suggests that Bitcoin is uncorrelated to the stock markets. Here is our analysis.

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