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Analysis

Bitcoin Analysis – 14.01.19

Bitcoin traded in a range for some time, but later sellers managed to push the price below $ 3,550. The BTC fell sharply and tested the support levels of $ 3,500 and $ 3,400. There was even lower bottom below the $ 3,500 and 100-hour SMA. The new monthly minimum was formed at $ 3,372, and later the price started correcting up. Bitcoin moved above the $ 3,500 level, moving to a short-term positive area. There was a breakthrough above the 50% level at the final decline of $ 3,649 to $ 3,372.

Upward there are many barriers for buyers, starting at $ 3,550. Previous support close to $ 3,550 and $ 3,560 may be acting as strong resistance. Over $ 3,560, the 76.4% fiber rate since the last drop from $ 3,649 to $ 3,372 was $ 3,585. Finally, there is a bearish trendline with a $ 3,600 resistance on the hourly chart. Looking at the chart, BTC’s price is likely to face many sellers close to the $ 3,550, $ 3,560, $ 3,585 and $ 3,600 levels. The main resistance is $ 3,640, over which there is a chance for a stable refund to $ 3,800. On the downside, a break below $ 3,375 could lead to $ 3,220.