# Huge Buy Opportunity For Bitcoin

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Last modified: 2021-01-09

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By Shayne Heffernan · 2021-01-09
Tags: Shayne Heffernan on Investments, trading, investing, Headline News, Top Stories, shayne heffernan, Shayne Heffernan, Bitcoin, Crypto, Shayne Heffernan, Bitcoin, USD/BTC, bitcoin news, BTC=, btc news, bitcoin technical analysis, bitcoin forecast
Signed: no (published before platform launch).
Nothing in this article is investment advice.

#Bitcoin prices recovered from a multiyear slump in 2020. It breached its 2017 record near $20,000 in November, and it has gone parabolic ever since, sitting well above $39,600 as of this publication.

Bitcoin closed down -445.059 at 39,618.090. Volume was 2% above average (neutral) and Bollinger Bands were 287% wider than normal.

### Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

![](https://livetradingnews-media.nyc3.digitaloceanspaces.com/wp/placeholder.svg)

Moving Averages: 10-period    50-period   200-period
Close:           33,943.41    23,403.63   14,478.64
Volatility:      101          83          59
Volume:          1,368,415    968,956     728,743

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

### Summary

Bitcoin is currently 173.6% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. 

![](https://livetradingnews-media.nyc3.digitaloceanspaces.com/wp/placeholder.svg)

There is a good possibility that volatility will decrease and prices will stabilize in the near term. 

Our volume indicators reflect very strong flows of volume into Bitcoin (bullish). Our trend forecasting oscillators are currently bullish on Bitcoin and have had this outlook for the last 24 periods. 

Our momentum oscillator is currently indicating that Bitcoin is currently in an overbought condition.

![](https://livetradingnews-media.nyc3.digitaloceanspaces.com/wp/placeholder.svg)

Overall, the bias in prices is: Upwards.

![](https://livetradingnews-media.nyc3.digitaloceanspaces.com/wp/placeholder.svg)

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. 

During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). 

Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). 

![](https://livetradingnews-media.nyc3.digitaloceanspaces.com/wp/placeholder.svg)

During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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