BITCOIN Analysis for January 16, 2019

Posted On 16 Jan 2019

Bitcoin has been struggling at the edge of $3,500-600 area for a few days in a row. The price is expected climb higher if it can breach above the dynamic resistance of 200 EMA. The price has managed to create higher lows while consolidating at the edge of $3,500-600 area. The price is being held by the Kumo cloud resistance as well as 200 EMA as resistance. If not breached, the price may move much lower in the coming days. The Chikou Span is currently facing the price line resistance whereas a break above it is expected to lead to strong bullish pressure resulting in the upward push towards $4,000 area in the coming days. As the price remains above $3,000 area with a daily close, the bullish bias is expected to continue.

SUPPORT: 3,000, 3,500, 3,600

RESISTANCE: 4,000, 4,250, 4,500

BIAS: BEARISH

MOMENTUM: VOLATILE

The material has been provided by InstaForex Company – www.instaforex.com

Source:: BITCOIN Analysis for January 16, 2019

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