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Analysis

Bitcoin Analysis – 23.01.19

The Bitcoin / USD pair fell below support levels of $ 3,500 and $ 3,480. The pair reached a level of $ 3,450 and later jumped down.

Buyers were able to raise the price of bitcoin above $ 3,480 and $ 3,500. This could be considered a false breakthrough, as there was no hourly closing below $ 3,480. The recent recovery was stable over $ 3,550 and the correction level of 50% in the downward trend of $ 3,700 to $ 3,465. However, the price hit significant resistance near $ 3,600 and a 100-hour simple sliding average.

More importantly, yesterday’s highlighted core sword trend line is intact with a resistance of nearly $ 3,600 on Bitcoin’s hourly chart. Finally, the level of the 61.8% correction in the downward move from $ 3.700 to $ 3,465 is also an obstacle. Therefore, there are two possible scenarios, the key level being $ 3,600. First, the price cuts the trend line and $ 3,600 to start a solid upward move. Second, buyers fail to earn more than $ 3,600, leading to a drop of $ 3,500.